A United States court has sentenced Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, to four years and eight months in prison for his role in a COVID-19 relief loan fraud.
Oloyede, 62, who holds dual citizenship and lives in Ohio, was convicted alongside his associate, Edward Oluwasanmi, for submitting fake applications for pandemic relief funds meant to support struggling businesses.
The court also ordered the monarch to repay more than $4.4 million, forfeit his Ohio home, and serve three years of supervised release after completing his jail term.
Prosecutors said Oloyede used multiple businesses and a nonprofit to file dozens of fraudulent applications under the Paycheck Protection Program and Economic Injury Disaster Loans, diverting the funds to buy land, build a house, and purchase a luxury vehicle.
His co-conspirator, Oluwasanmi, was earlier sentenced to 27 months in prison and ordered to pay over $1.2 million in restitution.
The U.S. Attorney’s Office described the conviction as a strong warning against abusing public funds meant for emergency relief.
