Osun Monarch Sentenced To Over Four Years In U.S Prison For COVID-19 Loan Fraud
The Apetu of Ipetumodu, Oba Joseph Olugbenga Oloyede, has been sentenced to 56 months in prison in the United States for orchestrating a multi-million-dollar COVID-19 relief fraud scheme.
U.S. District Judge Christopher A. Boyko handed down the sentence on August 26, 2025, in Ohio.
In addition to his prison term, the 62-year-old monarch, who holds dual citizenship in Nigeria and the U.S, was ordered to serve three years of supervised release and to pay $4.4 million in restitution.
Oloyede also forfeited his home in Medina, Ohio, which was purchased with fraud proceeds, along with $96,006.89 in cash seized during the investigation.
According to the U.S. Attorney’s Office for the Northern District of Ohio, Oloyede conspired with Edward Oluwasanmi, 62, to exploit federal emergency loan programs set up under the CARES Act to support small businesses during the pandemic.
Between April 2020 and February 2022, the duo submitted dozens of fraudulent loan applications to the U.S Small Business Administration (SBA), using fabricated information to obtain Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).
Both men pleaded guilty in April to wire fraud and tax fraud charges after prosecutors revealed the extent of the scheme, which saw over $4.2 million in pandemic relief funds fraudulently obtained.
Oloyede, a tax preparer by profession, ran multiple businesses and a nonprofit organization, while Oluwasanmi operated three business entities.
The U.S Attorney’s Office said Oloyede was responsible for around $1.7 million in fraudulent loans tied to his businesses, while Oluwasanmi received $1.2 million.
Investigators further revealed that Oloyede expanded the scam by filing fake loan applications in the names of some of his tax clients and their businesses, taking a 15-20% cut as a “processing fee.” None of that income was reported on his tax returns.
The fraudulent funds were used to buy land, construct a home, and purchase a luxury car, authorities said.
In total, Oloyede was responsible for 38 fraudulent SBA loan applications, resulting in $4.2 million being disbursed.
His co-conspirator, Oluwasanmi, was sentenced in July to 27 months in prison, ordered to repay over $1.2 million and forfeit assets including a commercial property and over $600,000 in bank accounts linked to the fraud.
The case was part of a broader investigation into pandemic-related financial crimes and was jointly handled by the Department of Transportation Office of Inspector General, the FBI Cleveland Division, and the IRS Criminal Investigation Unit, under the Pandemic Response Accountability Committee Fraud Task Force.
Prosecution was led by Assistant U.S. Attorneys Edward D. Brydle and James L. Morford.
