BREAKING: Nigerian Monarch, Joseph Oloyede Convicted In US Over $4.2m Fraud

Nigerian Monarch, Joseph Oloyede has been convicted in the US over $4.2m fraud.

 

NewsOnline Nigeria reports that Joseph Oloyede, a Nigerian traditional ruler and dual U.S. citizen, has been ordered to forfeit millions in cash and property following his conviction in a $4.2 million COVID-19 relief fraud case.

 

Thsi Nigeria news platform understands that Oloyede, who holds the title of Apetu of Ipetumodu in Osun State, Nigeria, pleaded guilty on April 24 to 13 counts of fraud.

 

Although he is still awaiting sentencing, the U.S. government moved to seize assets tied to the case—a motion granted on May 5 by Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio.

 

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Among the assets forfeited is a property located in Medina County, Ohio, which was purchased in May 2021 under the name of his wife, Sherri Oloyede.

 

As part of a plea agreement aimed at minimizing his sentence, both Joseph and Sherri Oloyede agreed not to challenge the forfeiture.

 

Joseph Oloyede also waived his right to appeal the court’s decision.

Additionally, the court ordered the forfeiture of $96,006.89 from a JP Morgan Chase bank account held by Joseph Oloyede and Associates Ltd., also included in the plea deal.

 

Oloyede was arrested on May 4, 2024, after investigators uncovered his role in a fraudulent scheme involving six companies used to secure COVID-19 relief loans under false pretenses.

 

In June 2020 alone, he obtained more than $100,000 for four of those companies using fabricated information.

By October 2021, he had fraudulently secured another $1 million in loans through JO&A and Available Transportation.

His sentencing is expected later this year.