Osun Monarch bags 5 year jail term for COVID-19 Fraud

Osun Monarch bags 5 year jail term for COVID-19 Fraud

A U.S. court has sentenced Joseph Oloyede, the Apetu of Ipetumodu in Osun State, to five years in prison for his role in a multimillion-dollar COVID-19 relief fraud. He was also ordered to repay more than $4.4 million to victims.

The sentence was delivered on Tuesday, August 26, 2025, by Judge Christopher A. Boyko of the Northern District of Ohio. Court papers showed that Oloyede received 56 months on two counts and 36 months on two others. All sentences will run concurrently.

In addition, the monarch will serve three years of supervised release. He is to pay a $400 special assessment and forfeit assets linked to the scheme. He must also self-report to the U.S. Marshals Service to begin serving his term.

Prosecutors said Oloyede, 62, used six companies to fraudulently obtain loans from the Paycheck Protection Programme and Economic Injury Disaster Loan scheme. He inflated payrolls, forged documents, and diverted funds meant for struggling U.S. businesses. He was arrested by the FBI in May 2024 after fleeing Nigeria.

Investigators traced part of the money to personal and business accounts. Authorities seized a Medina County property and over $96,000 from one of his companies. He was granted bail after surrendering both his Nigerian and U.S. passports but remained under travel restrictions until judgment.

In a plea for leniency, his lawyers said the pandemic influenced his poor decisions. They stressed that he had no prior criminal record, had served as a banker and professor, and earned a doctorate before being crowned Apetu in 2019. They described the fraud as a sharp break from his past life of service.

His conviction has unsettled Ipetumodu, where his long absence has left a leadership vacuum. Local chiefs have struggled to manage community affairs, while residents worry about succession if his reign is permanently disrupted.

The case has also embarrassed Osun’s traditional council, with many noting it is rare for a Yoruba monarch to face trial abroad. For locals who once hailed his installation, the reality is now painful: their ruler will spend years in a foreign prison for fraud.