Fraud Allegation against the Apetu of Ipetumodu, Oba Joseph Olugbenga Oloyede

The Apetu of Ipetumodu, Oba Joseph Olugbenga Oloyede, a United States-based accountant and information systems expert turned Nigerian monarch, has been indicted for his alleged involvement in a $4.2 million COVID-19 relief fraud scheme.

The Apetu is the traditional ruler of Ipetumodu, a city located in Osun State, southwestern Nigeria.

Oba Joseph Olugbenga Oloyede, who is also a U.S. citizen, regularly traveled between Nigeria and the United States and was last seen in the public domain in March 2024, leading to speculation about his whereabouts. His prolonged absence caused concern among the residents of Ipetumodu, as he missed three major traditional festivals, including Odun Egungun and Odun Edi.

Allegations:

• Fraudulently obtained over $4.2 million in COVID-19 relief funds guaranteed by the U.S. Small Business Administration under the CARES Act.

• Received $1.7 million for his own businesses and another $1.3 million by submitting falsified applications for co-conspirators

• He allegedly used some of the fraudulently obtained money to pay a contractor $24,473 for work on his home.

Oba, Joseph Olugbenga Oloyede