POPULAR Osun State Traditional RULER Arrested By FBI Over $4. 2 Million Fraud
The traditional ruler of Ipetumodu in Osun State, Nigeria, Oba Joseph Oloyede, has been taken into custody by the Federal Bureau of Investigation (FBI) following allegations of involvement in conspiracy, wire fraud, and money laundering. His arrest and subsequent legal troubles stem from an indictment linking him to fraudulent financial activities in the United States.
Oba Joseph Oloyede, who ascended the throne in 2019 as the Apetu of Ipetumodu, was known for frequently traveling between Nigeria and the United States. His trips often encompassed both royal duties and personal engagements, making him a familiar figure in both nations. However, over the past year, his sudden disappearance raised concerns among his subjects. His absence from three major traditional festivals, including the highly significant annual Egungun Festival and the Edi Celebration, further fueled speculation regarding his whereabouts.
Recently, the United States Department of Transportation confirmed that Oloyede, alongside his alleged accomplice, Edward Oluwasanmi, had been indicted for their role in a multimillion- dollar fraud scheme. According to official statements, both individuals were implicated in the fraudulent acquisition of COVID- 19 relief funds, which were distributed under the Coronavirus Aid, Relief, and Economic Security (CARES) Act through the U. S. Small Business Administration (SBA). The financial aid, which was intended to support businesses struggling during the pandemic, was accessed through Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs).
Investigations revealed that Oloyede and Oluwasanmi engaged in deceptive practices between April 2020 and February 28, 2022, in a bid to unlawfully obtain these relief funds. According to court documents, they submitted falsified tax records and fraudulent wage statements as part of their loan applications. These falsified documents enabled them to secure substantial sums of money through the federal relief programs, which were meant to provide financial assistance to businesses genuinely impacted by the economic downturn caused by the COVID- 19 pandemic.
The indictment details that Oba Oloyede personally received approximately $1. 7 million, while his co- defendant, Oluwasanmi, obtained around $1. 2 million from the SBA. The total fraudulent amount allegedly acquired by both individuals through these illicit activities is estimated to be at least $4. 2 million. It was further revealed that Oloyede himself fraudulently obtained at least $1. 3 million through falsified applications, exacerbating the severity of the charges against him.
Authorities in the United States have intensified their investigations into the matter, with the FBI and the Internal Revenue Service (IRS) Criminal Investigation unit taking the lead in uncovering the full extent of the fraudulent scheme. The agencies are working closely with other U. S. authorities to ensure that justice is served and that all individuals involved in the fraudulent acquisition of government funds are held accountable.
The news of Oloyede’ s arrest and indictment has sent shockwaves through his hometown of Ipetumodu, where he was widely respected as a traditional ruler. Many residents expressed disbelief at the allegations, while others voiced their concerns over the potential impact this scandal could have on the reputation of the ancient town and its leadership. Some community members have called for clarity on the situation, urging the traditional council and state government to provide further information about the fate of their monarch.
Legal experts have weighed in on the case, highlighting the severe consequences that could follow if Oloyede and his co- defendant are convicted. In the United States, wire fraud and money laundering carry significant penalties, including long- term imprisonment and heavy fines. Given the magnitude of the alleged fraud and the amount of money involved, Oloyede could face years behind bars if found guilty. Additionally, his status as a traditional ruler could be jeopardized, as many believe such legal troubles might lead to his dethronement.
As the legal process unfolds, many in Nigeria and the United States will be closely monitoring the developments of the case. The FBI and IRS are expected to continue their rigorous investigations, while court proceedings will determine the fate of the embattled traditional ruler. In the meantime, the people of Ipetumodu remain anxious, waiting to see how their monarch’ s legal battle will ultimately be resolved.
