U.S. Court Jails Osun Monarch, Oba Joseph Oloyede For $4.2m COVID-19 Relief Fraud

A United States federal court has sentenced Oba Joseph Oloyede, a traditional ruler from Osun State, Nigeria, to 56 months in prison for his role in a $4.2 million COVID-19 relief fraud scheme. Oloyede, who holds dual citizenship and resides in Ohio, was found guilty of exploiting federal loan programs meant to support businesses affected by the pandemic.

Along with serving prison time, he must repay restitution and forfeit his residence acquired with illicit proceeds. Oloyede and his associate, Edward Oluwasanmi, submitted numerous fraudulent applications to the Small Business Administration, resulting in millions being disbursed.

The investigation revealed that Oloyede diverted funds for personal use, including purchasing land, constructing a home, and acquiring a luxury vehicle. Oluwasanmi was also sentenced to prison and ordered to pay restitution.

The case was prosecuted by Assistant Attorneys from the Department of Transportation and FBI Cleveland Division.