A U.S. court has jailed Osun monarch Oba Joseph Oloyede for four years over a $4.2m COVID-19 loan fraud scheme.
The Apetu of Ipetumodu in Osun State, Oba Joseph Olugbenga Oloyede, has been sentenced to four years and eight months in prison in the United States over a multimillion-dollar COVID-19 loan fraud.
Oloyede, 62, who resides in Medina, Ohio, and holds dual Nigerian-American citizenship, was convicted of wire fraud and tax fraud after admitting to conspiring with Edward Oluwasanmi to defraud the U.S. Small Business Administration. U.S. District Judge Christopher A. Boyko also ordered him to pay $4.4m in restitution, forfeit his Medina home, and surrender nearly $100,000 in seized proceeds.
Prosecutors said, “Oloyede caused the SBA to approve 38 fraudulent applications, amounting to $4,213,378 in disbursed loans and advances.” Investigators revealed he used the funds to buy land, build a house, and purchase a luxury car.
Oluwasanmi was sentenced in July to 27 months’ imprisonment. The U.S. Attorney’s Office stressed the ruling underscored accountability in pandemic relief fraud cases.