The Apetu of Ipetumodu in Osun State, Joseph Oloyede, has been detained by the Federal Bureau of Investigation (FBI) after being indicted for conspiracy, wire fraud, and money laundering.
Oloyede, who became the traditional ruler of Ipetumodu in 2019, frequently traveled between Nigeria and the United States for both official and personal engagements. However, he has been missing for nearly a year, notably absent from key traditional events such as the annual Egungun Festival and the Edi Celebration.
The United States Department of Transportation recently confirmed Oloyede’s indictment along with Edward Oluwasanmi. According to the statement, the two men fraudulently obtained over $4.2 million in COVID-19 relief funds through the U.S. Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The fraudulent funds were secured through Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs).
Court documents show that both Oloyede and Oluwasanmi were arrested on April 5, 2024. The indictment alleges that between April 2020 and February 28, 2022, they submitted falsified tax and wage documents to fraudulently obtain these relief funds.
“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 statement revealed.
The FBI and the Internal Revenue Service (IRS) Criminal Investigation unit are leading the case, working closely with other U.S. authorities to investigate and prosecute those involved.
