A U.S. federal court has ordered Joseph Oloyede, a Yoruba monarch and former Apetu of Ipetumodu in Osun State, to forfeit millions in cash and property after he pleaded guilty to a $4.2 million COVID-19 relief fraud scheme.
Oloyede, who holds dual citizenship in Nigeria and the United States, admitted guilt on April 24 to 13 counts of fraud and now awaits sentencing. Ahead of his sentencing, U.S. District Judge Christopher Boyko approved a motion filed by the government on May 5 to seize his assets.
Among the confiscated properties is a home in Medina County, Ohio, purchased in the name of his wife, Sherri Oloyede, in May 2021. Both Joseph and Sherri agreed not to contest the forfeiture as part of a plea deal aimed at reducing his sentence. He also waived his right to appeal the court’s decision.
In addition to the real estate, the court ordered the forfeiture of $96,006.89 from a JP Morgan Chase account registered under Joseph Oloyede and Associates Ltd, which was also covered under the plea agreement.
Oloyede was arrested on May 4, 2024, following investigations that revealed he used six companies to fraudulently secure federal COVID-19 relief loans. The FBI discovered that in June 2020 alone, he received over $100,000 for four of his businesses based on fabricated documentation. Another round of fraudulent loans totaling $1 million was secured in October 2021 using JO&A and Available Transportation.
His sentencing is expected to take place later this year.
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