The Osun State Government says it will obtain the Certified True Copy of the judgment that sent the Apetu of Ipetumodu, Oba Joseph Olugbenga Oloyede, to a United States prison for his role in a multimillion-dollar COVID-19 relief fund fraud.
Oloyede, 62, who holds dual citizenship in Nigeria and the U.S., was on Tuesday sentenced to 56 months in prison by U.S. District Judge Christopher A. Boyko. The monarch will also serve three years of supervised release and pay $4,408,543.38 as restitution.
According to the U.S. Attorney’s Office for the Northern District of Ohio, Oloyede forfeited his Medina, Ohio home, purchased with proceeds of the fraud, along with an additional \$96,006.89 traced to the scheme.
He was found guilty of leading a conspiracy to exploit emergency loan programmes meant to help small businesses struggling during the COVID-19 pandemic.
Speaking with our correspondent on Wednesday, the Osun State Commissioner for Local Government and Chieftaincy Matters, Dosu Babatunde, said the state would not rely on unverified reports to act on the matter.
“While it may be true that the monarch has been convicted and jailed, there is no official record with us. We cannot rely on Facebook posts and stories to justify such a serious matter,” Babatunde said.
He explained that the state would act only after confirming the judgment. “We will direct that the Certified True Copy of the judgment be obtained. After studying it, the government will then decide on the next steps,” he added.
Residents of Ipetumodu were seen discussing the issue quietly on Wednesday, though the town remained calm. A palace source said chiefs had held a meeting to deliberate on the monarch’s fate.
The most senior chief, Sunday Adedeji, said, “May God never allow chaos in our community. By the grace of God, He will be in total and complete control. There is no crisis in the town, and we do not envisage any.”
Court documents revealed that between April 2020 and February 2022, Oloyede, a tax preparer who owned five businesses and a nonprofit, worked with 62-year-old Edward Oluwasanmi of Willoughby, Ohio, to file fraudulent applications for COVID-19 relief loans.
The fraudulent applications targeted the Paycheck Protection Programme and the Economic Injury Disaster Loan scheme under the Coronavirus Aid, Relief, and Economic Security Act.
Investigators said the men submitted false documents and diverted over $4.2 million in funds. Oloyede had earlier pleaded guilty to six counts, including conspiracy to commit wire fraud, engaging in monetary transactions with criminally derived property, and filing false tax returns.
