Joseph Oloyede, the Apetu of Ipetumodu in Osun State, is in the custody of the Federal Bureau of Investigation (FBI) following his indictment for conspiracy, wire fraud, and money laundering.
Installed as the traditional ruler of Ipetumodu in 2019, Oloyede frequently travelled between Nigeria and the United States for both royal duties and personal affairs. However, he has been missing for nearly a year and notably absent from three major traditional festivals, including the annual Egungun Festival and the Edi Celebration.
The United States Department of Transportation has confirmed Oloyede’s indictment, alongside Edward Oluwasanmi. The funds in question were obtained through Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs).
Court documents indicate that both men were arrested on April 5, 2024. The indictment alleges that between April 2020 and February 28, 2022, Oloyede and Oluwasanmi submitted falsified tax and wage documents in their applications for PPP and EIDL funding, fraudulently securing these funds.
According to the statement, “Oloyede received $1.7 million, while Oluwasanmi received $1.2 million in SBA funds for their businesses. In total, Oloyede fraudulently obtained approximately $1.3 million through these applications, bringing the total fraudulent sum to at least $4.2 million.”
The FBI and the Internal Revenue Service (IRS) Criminal Investigation unit are actively managing the case in collaboration with other U.S. authorities.
