Osun Monarch Jailed for 4 Years in U.S. Prison for $4.2M COVID Fraud

In a landmark case, Oba Joseph Oloyede, the Apetu of Ipetumodu and dual citizen of Nigeria and the U.S., has been sentenced by a federal court in the Northern District of Ohio to 56 months (4 years and 8 months) in prison for a $4.2 million COVID-19 relief fraud scheme.

In addition to his prison term, the court imposed three years of supervised release and ordered a restitution payment of $4,408,543.38. Authorities also forfeited his Medina, Ohio home, acquired with proceeds from the scheme, along with $96,006.89 held in seized fraud proceeds.

Prosecutors say Oloyede orchestrated a wide-ranging fraud between April 2020 and February 2022 by submitting falsified loan applications under the U.S. Small Business Administration’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) schemes, programs created under the CARES Act to support small businesses during the COVID-19 pandemic.

Court records show that Oloyede obtained funds amounting to approximately $1.7 million under his own companies and an additional $1.3 million through applications submitted in the names of co-conspirators—bringing the total fraudulent funds to at least $4.2 million.

Earlier, on April 21, 2025, Oloyede pleaded guilty to the charges, acknowledging his involvement while citing the pressures of the pandemic as a contributing factor—“COVID-19 is not an excuse, but it is a factor,” his legal team remarked.

His arrest took place in May 2024, after he disappeared from Nigeria in early 2024 and resurfaced in Cleveland. His extended absence had sparked concerns in his hometown of Ipetumodu, where he missed several key traditional festivals, including Odun Egungun and Odun Edi.

According to the official U.S. Department of Justice (DOJ), the indictment against Oloyede and his co-conspirator, Edward Oluwasanmi, included 13 counts related to conspiracy, wire fraud, and money laundering