Vanishing Monarch: Nigerian King Found in FBI Custody Over $4.2M COVID-19 Fraud
The Apetu of Ipetumodu, Oba Joseph Oloyede, who mysteriously disappeared in March 2024, has been found in the custody of the FBI, facing serious fraud allegations linked to a $4.2 million COVID-19 relief scam in the United States.
The Nigerian monarch, who also holds American citizenship, is currently battling a 13-count indictment at the U.S. District Court for the Northern District of Ohio.
His prolonged absence has left the royal stool of Ipetumodu vacant for nearly a year, raising deep concerns among the town’s indigenes, especially as he missed three major traditional festivals, including the highly revered annual Odun Egungun and Odun Edi.
The revelation of his legal troubles has sent shockwaves through the community, which had been left in the dark about his whereabouts.
Oba Oloyede, who resided in Cleveland, Ohio, was arrested on May 4, 2024, after a warrant was issued for his apprehension.
According to the FBI, he allegedly orchestrated a fraudulent scheme using six registered companies to obtain loans meant to support struggling businesses during the COVID-19 pandemic.
These funds, provided through the Economic Injury Disaster Loan (EIDL) programme, were intended to help small businesses cover essential expenses such as payroll, rent, and fixed debts.
However, investigators found that Mr Oloyede not only falsified documents to secure these loans but also misappropriated the funds for personal use, in direct violation of U.S. federal laws.
FBI records reveal that in June 2020 alone, he received over $100,000 in loans for four of his businesses, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation.
By October 2021, he had secured an additional $500,000 loan for his company JO&A, followed by another $500,000 just two days later for Available Transportation.
Further investigations suggest that beyond his personal fraud, the monarch, who has a background in accounting, assisted co-conspirators in executing similar fraudulent schemes, charging them a percentage of the loan amount upon disbursement.
Court documents filed on April 3, 2024, state: “Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information.”
Unaware of his indictment, Mr Oloyede returned to the United States from Nigeria to reunite with his family, only to be swiftly taken into FBI custody upon arrival.
His dual role as a traditional ruler and a businessman who frequently travelled between Nigeria and the U.S. has now placed his kingdom in a state of uncertainty.
Crowned in 2019, the Apetumodu had maintained a delicate balance between his royal duties and his life abroad, but this latest development has cast doubt on his future as a monarch.
It remains unclear whether the people of Ipetumodu were aware of the damning allegations against their king or if they will move to select a new ruler should he be convicted and sentenced to prison.
For now, the fate of their traditional leadership hangs in the balance as legal proceedings unfold in the United States.
