Oba Joseph Oloyede, the traditional ruler of Ipetumodu in Osun State, Nigeria, has been taken into custody by the Federal Bureau of Investigation (FBI). He is accused of conspiracy, wire fraud, and money laundering.
Oloyede, who became king in 2019, regularly traveled between Nigeria and the United States for both personal and royal duties.
However, he has been missing for almost a year and did not attend three important traditional festivals, including the annual Egungun festival and Edi celebration.
A statement from the U.S. Department of Transportation revealed that a grand jury indicted Oloyede and another individual, Edward Oluwasanmi.
The two men are accused of fraudulently obtaining over $4.2 million in COVID-19 relief funds. These funds came from the U.S. Small Business Administration (SBA) under the CARES Act, including Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs).
According to court documents, Oloyede and Oluwasanmi were arrested on April 5, 2024. The indictment states that between April 2020 and February 28, 2022, they submitted false information in their loan applications.
They also allegedly used fake tax and wage documents to support their claims.
Oloyede reportedly received $1.7 million, while Oluwasanmi got $1.2 million. In total, the fraud is said to have amounted to at least $4.2 million.
The FBI, along with the Internal Revenue Service Criminal Investigation and other U.S. authorities, is handling the case.
