Yoruba Oba Missing for Close to One Year Found Behind FBI’s Bars in the U.S. Over $4.2M Fraud

By Dansu Peter  The mysterious disappearance of the Apetu of Ipetumodu, Oba Joseph Oloyede, has taken a shocking turn as the prominent Yoru...

By Dansu Peter 

The mysterious disappearance of the Apetu of Ipetumodu, Oba Joseph Oloyede, has taken a shocking turn as the prominent Yoruba monarch has been discovered in the custody of the Federal Bureau of Investigation (FBI) in the United States. The traditional ruler, missing since March 2024, is facing a 13-count fraud indictment over an alleged $4.2 million COVID-19 relief fund scam.

The Nigerian monarch, who also holds American citizenship, has been standing trial at the U.S. District Court for the Northern District of Ohio after authorities accused him of orchestrating a sophisticated financial scheme to defraud the U.S. government.

Oba Oloyede’s absence had thrown the town of Ipetumodu into uncertainty, with his throne remaining vacant for nearly a year. His failure to attend three major traditional festivals, including the revered Odun Egungun and Odun Edi, had fueled speculations about his whereabouts.

The monarch was finally unmasked when the FBI apprehended him on May 4, 2024, following a court-issued warrant. Investigators allege that he fraudulently secured COVID-19 relief loans through six companies under his control. These funds, originally intended to support struggling businesses during the pandemic, were allegedly diverted for personal use.

According to FBI reports, in June 2020 alone, Oba Oloyede obtained over $100,000 for four of his companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation. On October 7, 2021, he was awarded a $500,000 loan for his company JO&A, followed by another $500,000 for Available Transportation just two days later.

Further investigations unearthed that the monarch, leveraging his accounting background, extended his fraudulent expertise to others, charging accomplices a percentage of the illicitly obtained funds. The indictment, filed on April 3, 2024, explicitly states, “Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information.”

Oblivious to his pending indictment, Oba Oloyede reportedly left Nigeria and returned to the U.S., where he was immediately apprehended upon arrival.

Crowned in 2019, the embattled royal had been known to shuttle between Nigeria, where he carried out his traditional responsibilities, and the U.S., where his family resides. However, his sudden legal woes now cast a long shadow over his reign.

With the case unfolding in the U.S., uncertainty looms over Ipetumodu’s royal lineage. Should Oba Oloyede be convicted and sentenced to prison, the indigenes of Ipetumodu may be left with no choice but to seek a new custodian for their ancestral throne.