Nigerian Monarch Oba Joseph Oloyede Jailed in U.S. for $4.2m Covid-19 Loan Fraud

Nigerian monarch, Oba Joseph Oloyede of Apetu Ipetumodu, Osun State, has been sentenced to four years in a U.S. prison for his involvement in a $4.2 million Covid-19 loan fraud scheme. Oloyede, 62, with dual citizenship, was convicted of leading a conspiracy to exploit a government emergency loan program meant to aid struggling businesses during the pandemic.

Alongside an accomplice, Oloyede submitted fraudulent loan applications to the Small Business Administration, siphoning funds from the CARES Act. He pleaded guilty to wire and tax fraud charges.

The court ordered him to serve three years of supervised release, pay restitution, and forfeit his home in Medina, Ohio. Oloyede's case highlights the consequences of fraudulent activities targeting pandemic relief funds.