United States Jails Nigerian Monarch Over $4.2 Million Covid-19 Loan Fraud

A Nigerian monarch, Oloyede, residing in Ohio, has been sentenced to 56 months in prison by District Judge Christopher Boyko for his involvement in a $4.2 million Covid-19 loan fraud scheme. Oloyede, who holds dual citizenship, pleaded guilty to wire fraud and tax fraud charges related to exploiting the emergency loan program for struggling businesses.

The court heard that Oloyede, also a tax preparer, submitted fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) applications on behalf of clients, diverting the funds for personal gain. In addition to imprisonment, he was ordered to pay restitution and serve three years of supervised release.

The case was prosecuted by the Attorney's Office for the Northern District of Ohio, revealing the extent of Oloyede's fraudulent activities across multiple businesses.