For nearly a year, the people of Ipetumodu, a town in southwestern Nigeria, wondered where their king, Oba Joseph Oloyede, had gone. He had been missing since March 2024, and his absence left his throne empty. But now, the truth is out—he was in the custody of the FBI in the United States.
The 61-year-old monarch, who is also a U.S. citizen, is facing serious fraud charges in the U.S. after being accused of stealing over $4.2 million from COVID-19 relief funds. The funds were meant to help struggling businesses during the pandemic, but the FBI says Oba Oloyede misused them for personal gain.
How It All Happened
During the COVID-19 pandemic, the U.S. government created programs like the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) to help businesses survive. To receive these loans, business owners had to provide tax records, wage statements, and financial documents to prove they needed the funds.
But Oba Oloyede allegedly lied on his applications and used fake documents to collect millions of dollars. Investigators say he registered six companies, including Available Tax Services, Available Tutors, and Available Transportation, and used them to apply for multiple loans.
In June 2020 alone, he reportedly got over $100,000 for four of his companies. Then, in October 2021, he received two massive loans—$500,000 for JO&A and another $500,000 for Available Transportation, both within two days.
Helping Others Cheat the System
Authorities also believe Oba Oloyede helped other people cheat the system by filing fake loan applications for them. He would take a cut of the money after their loans were approved.
In total, he is accused of pocketing $1.7 million for his own businesses and another $1.3 million by helping others commit fraud, making a total of $4.2 million in stolen relief funds.
FBI Investigation and Arrest
The case was investigated by the FBI, the Internal Revenue Service (IRS), and the U.S. Department of Transportation. In April 2024, a grand jury in Ohio formally charged Oba Oloyede and his co-accused, Edward Oluwasanmi, with conspiracy, wire fraud, and money laundering.
He was arrested on May 4, 2024, after the court issued a warrant for him. Since then, he has remained in custody in the U.S.
A Missing King and a Community in Shock
Back home in Ipetumodu, many people had no idea where their king was for almost a year. His absence was especially noticeable during three major traditional festivals, including the annual Odun Egungun and Odun Edi.
Now that the truth is out, his community is shocked and disappointed. Many are wondering what will happen next—will he be found guilty and sentenced in the U.S., or will he return to Nigeria?
For now, the once-revered Apetu of Ipetumodu remains in an American prison, facing a long legal battle that could decide his future.
