Nigerian Concord Newspaper
The Apetu of Ipetumodu, Oba Joseph Oloyede, who mysteriously went missing in March 2024, has been discovered in the custody of the U.S. Federal Bureau of Investigation (FBI), facing allegations of defra¥ding the U.S. government of $4.2 million.
The Nigerian monarch, who also holds American citizenship, is currently battling a 13-count fra¥d indictment at the U.S. District Court for the Northern District of Ohio. His prolonged absence has left the royal stool vacant for nearly a year, causing unease among indigenes as he missed key traditional festivals, including the annual Odun Egungun and Odun Edi.
According to FBI records, Oba Oloyede was arrested on May 4, 2024, following a warrant issued by the U.S. District Court. Investigations revealed that he allegedly orchestrated a fra¥dulent scheme through six registered companies to obtain pandemic relief loans meant for struggling businesses.
The indictment states that he submitted falsified financial documents to secure loans under the Economic Injury Disaster Loan (EIDL) program. In June 2020 alone, four of his companies—Available Tax Services, Available Tutors, Available Financial, and Available Transportation—each received over $100,000 in loans. By October 2021, he had obtained two additional loans of $500,000 each for his company JO&A and Available Transportation.
Further findings allege that the monarch, an accountant by profession, also assisted co-conspirators in executing similar fraudulent schemes, charging them a percentage of the loan amount upon disbursement.
“Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information,” the indictment reads.
Unaware of his pending indictment, the monarch returned to the U.S., where he was swiftly arrested upon arrival.