By Emmanuel Nduka
Joseph Oloyede, a former Nigerian monarch and dual U.S. citizen, has been ordered to surrender millions in cash and property to the United States government after pleading guilty to a multi-million dollar COVID-19 relief fraud.
Court documents allegedly reveals that the 62-year-old, previously known as the Apetu of Ipetumodu in Osun State, Nigeria, agreed to forfeit significant assets as part of a plea agreement with U.S. prosecutors.
The forfeiture order was issued on May 5 by Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio.
Oloyede pleaded guilty on April 24 to 13 counts of fraud connected to a $4.2 million scheme in which he exploited pandemic relief programs through several front companies.
Ahead of his upcoming sentencing, the U.S. government moved to seize assets to recover a portion of the defrauded funds.
Among the assets forfeited is a property in Medina County, Ohio, which was purchased in May 2021 under the name of his wife, Sherri Oloyede. Although Mrs. Oloyede initially held a third-party claim to the home, both parties agreed not to challenge the forfeiture as part of the plea deal.
In addition, the court approved the seizure of $96,006.89 held in a JPMorgan Chase account under the name Joseph Oloyede and Associates Ltd. The plea agreement also includes a waiver of Oloyede’s right to appeal the forfeiture decisions.
Oloyede was arrested on May 4, 2024, after an FBI investigation revealed he had fraudulently secured loans meant for businesses impacted by the COVID-19 pandemic. Through six registered companies, he submitted false applications and financial statements to obtain pandemic aid.
Investigators found that on October 7, 2021, he secured a $500,000 loan for his company JO&A, followed two days later by another $500,000 for his company Available Transportation.
In June 2020 alone, over $100,000 in relief funds was distributed to four of his companies, including Available Tax Services, Available Tutors, and Available Financial, each linked to fraudulent claims.
Oloyede, who resided in Cleveland at the time of his arrest, faces sentencing later this year.
