LunagisthubUS Court Orders Nigerian Monarch to Forfeit Assets in COVID-19 Relief Fund Scam
A US federal court has ordered Oba Joseph Olugbenga Oloyede, the traditional ruler of Ipetumodu in Osun State, Nigeria, to forfeit millions of dollars in assets and funds to the American government. This ruling follows Oloyede’s guilty plea to 13 charges, including conspiracy to commit wire fraud, money laundering, and defrauding a federal relief program.
Oloyede, 62, who also holds American citizenship, was indicted in April 2024 alongside another Nigerian-American, Edward Oluwasanmi. They were accused of orchestrating a scheme to defraud the US Small Business Administration (SBA) of $4.2 million in relief funds during the peak of the COVID-19 pandemic. The duo allegedly falsified documents to obtain loans meant for struggling businesses, which were instead used for personal expenses .
Oloyede pleaded guilty on April 24, 2025, as part of a plea bargain agreement.
The court ordered Oloyede to forfeit assets and funds linked to the proceeds of the fraudulent scheme, including his home in Ohio, which he purchased for $130,000 in 2021.
The monarch faced 13 counts of conspiracy to commit wire fraud, wire fraud, and money laundering Oloyede, a US-based accountant and information system expert, was crowned the Apetu of Ipetumodu in 2019. His prolonged absence from his domain has sparked concerns among community members, who are questioning his whereabouts and the future of the royal throne .
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