The monarch awaits sentencing, which could include a substantial prison term under U.S. federal sentencing guidelines
U.S. Court Seizes Property, $96,000 From Nigerian Monarch Over $4.2 Million COVID Fraud
Oba Joseph Olugbenga Oloyede, the traditional ruler of Ipetumodu in Osun State, Nigeria, has forfeited a residential property and over $96,000 to the United States government after pleading guilty to a multi-million-dollar COVID-19 relief fraud scheme.
The 62-year-old monarch, who also holds American citizenship, admitted to defrauding the U.S. Small Business Administration (SBA) of pandemic relief funds totalling $4.2 million. He was indicted in April 2024 alongside Nigerian-American pastor Edward Oluwasanmi.
On May 5, 2025, Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio issued a Preliminary Order of Forfeiture, authorizing the seizure of assets linked to the fraud.
Included in the forfeiture are; a residential property in Medina County, Ohio, purchased in May 2021 under his wife’s name and a JP Morgan Chase account containing $96,006.89 held in the name “Joseph Oloyede and Associates Ltd.”
Though the property was legally owned by his wife, Sherri Oloyede, both she and the monarch waived their right to challenge the forfeiture as part of the plea agreement.
Oloyede pleaded guilty on April 24, 2025, to 13 counts, including conspiracy to commit wire fraud, money laundering, and defrauding a federal program. He also waived his right to appeal in exchange for a reduced sentence.
The monarch now awaits sentencing, which could include a substantial prison term under U.S. federal sentencing guidelines.
The conviction is expected to have serious ramifications for his traditional role in Nigeria, with legal, ethical, and cultural fallout likely to follow. Read More
