Oba Joseph Oloyede of Ipetumodu, Nigeria, forfeits assets including $96,000 and a U.S. property after pleading guilty to COVID-19 relief fraud.
Oba Joseph Olugbenga Oloyede, the traditional ruler of Ipetumodu in Osun State, Nigeria, has been convicted in the United States for his role in a $4.2 million COVID-19 relief fraud scheme.
The 62-year-old monarch, who also holds American citizenship, pleaded guilty to 13 counts, including wire fraud conspiracy, money laundering, and defrauding a federal relief program.
The U.S. District Court for the Northern District of Ohio, under Judge Christopher Boyko, issued a Preliminary Order of Forfeiture on May 5, 2025.
This order mandates the seizure of significant assets linked to Oba Oloyede, including a residential property in Medina County, Ohio, purchased in May 2021 under his wife’s name, Sherri Oloyede.
Additionally, $96,006.89 held in a JP Morgan Chase bank account under the name Joseph Oloyede and Associates Ltd. is to be forfeited.
As part of the plea deal, the couple waived their rights to contest the forfeiture and to appeal the order.
Oba Oloyede’s conviction stems from a scheme, orchestrated alongside fellow Nigerian-American Edward Oluwasanmi, to fraudulently obtain pandemic relief funds from the U.S. Small Business Administration.
The duo was indicted in April 2024 and arrested in May 2024.
Sentencing is pending, with Oba Oloyede facing substantial jail time under federal guidelines.
The conviction also casts uncertainty over his position as a traditional ruler in Nigeria, with potential legal and cultural repercussions anticipated.
