Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State has been sentenced to more than four years in prison in the United States.
Oloyede was on August 26, 2025 found guilty of using his position as a tax preparer in US to defraud the government of $4.2m.
The monarch was convicted of leading a conspiracy to submit a fraudulent applications for loans that were made available through the U.S. Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
This the 62-year-old did alongside a fellow Nigerian, Edward Oluwasanmi who had earlier been sentenced to 27 months’ imprisonment for COVID-19 relief fund fraud.
The monarch’s trouble started after he paid a visit to the US several months ago, with his long absence from Apetu creating a void and controversy bordering on whispers about his prosecution in the twon.
On Tuesday, the U.S. District Judge Christopher A. Boyko also ordered the forfeiture of his Medina residence in Ohio.
The verdicts are the chief of a statement the U.S. Attorney’s Office released which reads in part: “to serve three years of supervised release after imprisonment and pay $4,408,543.38 in restitution.
“He also forfeited his Medina home on Foote Road, which he had acquired with proceeds of the scheme, and an additional $96,006.89 in fraud proceeds investigators had seized.”
The statement added: “The court was told that Oloyede, who also worked as a tax preparer, operated five businesses and one nonprofit, while Oluwasanmi owned an additional three business entities.
“Both defendants used their businesses to submit loan applications using false information.
“They obtained approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities.”
