An Osun Monarch Apetu of Ipetumodu, Oba Joseph Oloyede, has been arrested by the FBI in connection with a $4.2 million COVID-19 relief fraud scheme. This shocking revelation follows months of speculation over his mysterious absence from his royal duties. Read the full story.
Osun State – The traditional ruler of Ipetumodu in Osun State, Oba Joseph Oloyede, has been confirmed to be in the custody of the United States Federal Bureau of Investigation (FBI) over his alleged involvement in a multi-million dollar COVID-19 relief fraud. The shocking revelation about the Osun Monarch has left indigenes of Ipetumodu in disbelief as concerns over the monarch’s prolonged absence now appear to have a disturbing explanation.
Why the Monarch Went ‘Missing’ for Almost a Year
The Apetu of Ipetumodu, crowned in 2019, has been known for his frequent travels between Nigeria and the United States, reportedly for both royal and personal engagements. However, alarm bells began ringing among his subjects when he failed to preside over three major traditional festivals, including the Egungun Festival and the annual Edi Celebration, leaving his throne vacant for nearly a year.
Speculations had initially swirled around his prolonged absence, with some believing it was due to personal health issues or political concerns. But the latest revelations from U.S. authorities paint a different picture, linking the royal figure to an elaborate fraud scheme targeting COVID-19 relief funds.
How the Fraud Allegations Unfolded
According to a statement issued by the U.S. Department of Transportation, a grand jury indicted Oba Joseph Oloyede alongside an alleged accomplice, Edward Oluwasanmi, on charges of conspiracy, wire fraud, and money laundering.
Investigations revealed that from April 2020 through February 28, 2022, Oloyede and Oluwasanmi fraudulently secured over $4.2 million in COVID-19 relief funds meant for struggling U.S. businesses under the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs).
The indictment details how both men allegedly provided falsified tax and wage documents to secure funds for entities under their control. The Osun Monarch reportedly received $1.7 million, while Oluwasanmi obtained $1.2 million. Additionally, the Osun monarch is accused of submitting fraudulent loan applications on behalf of other co-conspirators, raking in an additional $1.3 million, bringing the total sum to at least $4.2 million.
The Arrest and FBI Investigation
The embattled Osun monarch and his accomplice were arrested on April 5, 2024, following a thorough investigation conducted by the FBI, in collaboration with the Internal Revenue Service (IRS) Criminal Investigation division. Authorities have since intensified their probe into the full scale of the fraud scheme, with possibilities of further legal action and asset forfeitures.
Community Reactions and the Future of Ipetumodu’s Traditional Stool
Back home in Ipetumodu, the shocking news has sent ripples through the community. Many residents, who were puzzled by the monarch’s disappearance, are now grappling with the reality that their traditional ruler is facing serious criminal allegations in the U.S. Some elders of the town have begun deliberations on the potential next steps, as his detention raises questions about the leadership vacuum within the kingdom.
Meanwhile, legal experts suggest that if found guilty, Oloyede could face severe penalties, including a long-term prison sentence and hefty fines.
What Next for the Monarch?
With the trial of the Osun monarch yet to commence, legal proceedings are expected to unfold in the coming months, determining the fate of the embattled monarch. While his legal team is likely to mount a defense, the gravity of the allegations and the evidence presented so far make the case a critical one to watch.
As the people of Ipetumodu await further developments, one question remains: Will their monarch ever return to reclaim his throne, or has this scandal permanently reshaped the town’s traditional leadership?
Osun Monarch
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