Oba Joseph Oloyede, the traditional ruler of Ipetumodu in Osun State, has been sentenced to prison in the United States over a multi-million-dollar COVID-19 loan fraud.
On Tuesday, U.S. District Judge Christopher Boyko sentenced the monarch to 56 months imprisonment, with an additional three years of supervised release after his jail term.
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He was also ordered to pay $4,408,543 in restitution.
Background of the case
Oba Oloyede was arrested alongside Nigerian pastor, Edward Oluwasanmi, in April 2024 for their involvement in a $4.2 million Paycheck Protection Program (PPP) fraud scheme.
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The duo allegedly filed fraudulent loan applications during the COVID-19 pandemic, using falsified information to secure millions of dollars in relief funds meant for struggling businesses.
According to court documents, Oloyede and Oluwasanmi faced a 13-count charge, including wire fraud and money laundering.
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In addition to his sentence, the monarch will forfeit $96,006 seized by investigators and his residence in Medina, Ohio.
Pastor Oluwasanmi, his co-defendant, was sentenced in July 2025 to 27 months imprisonment.
