The traditional ruler of Ipetumodu in Osun State, Oba Joseph Oloyede, who was reported missing in March 2024, has been found in the custody of the United States Federal Bureau of Investigation (FBI).
The monarch, who also holds American citizenship, is facing a 13-count fraud indictment at the U.S. District Court for the Northern District of Ohio over allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
His prolonged absence from Nigeria left the royal stool vacant for nearly a year, raising concerns among his subjects.
Notably, he missed key traditional festivals, including the annual Odun Egungun and Odun Edi celebrations, which fueled speculation about his whereabouts.
According to FBI records, Oba Oloyede was arrested on May 4, 2024, following a warrant issued by the U.S. District Court.
Investigators allege that he orchestrated a fraudulent scheme involving six registered companies to secure pandemic relief loans intended for struggling businesses.
Court documents state that he submitted falsified financial records to obtain funds under the Economic Injury Disaster Loan (EIDL) program.
In June 2020, four of his companies—Available Tax Services, Available Tutors, Available Financial, and Available Transportation—each received over $100,000 in loans.
By October 2021, he had allegedly secured two additional loans of $500,000 each for his companies, JO&A and Available Transportation.
Further investigations suggest that the monarch, who is also an accountant, assisted other individuals in executing similar fraudulent schemes, allegedly taking a percentage of the loan amounts after disbursement.
“Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information,†the indictment
Sources close to the case indicate that Oba Oloyede was unaware of the pending indictment when he returned to the U.S., leading to his immediate arrest upon arrival.
His legal team has yet to make an official statement on the case, but if convicted, he could face severe penalties, including prison time and asset forfeiture.
In Ipetumodu, reactions to the development have been mixed. While some residents express shock and disappointment, others are hopeful for a fair trial and due process.