The United States District Court has sentenced the Apetu of Ipetumodu in Osun State, Oba Joseph Oloyede, to four years and eight months in prison for his role in a $4.2 million COVID-19 relief fraud scheme.
The US Department of Justice, in a statement on Tuesday, said the sentence was handed down by Justice Christopher Boyko, who also ordered the monarch to pay $4.2 million in restitution.
The ruling followed Oloyede’s guilty plea to 13 charges, including conspiracy to commit wire fraud, money laundering, and filing false tax returns.
In addition to restitution, he must pay $195,000 to the Internal Revenue Service (IRS) and forfeit $96,000 seized from his bank account, along with a house he purchased in 2021 for $130,000.
Justice Boyko described Oloyede as “a very smart guy who did a lot of stupid things,” noting that the sentence would have been longer if not for the monarch’s health condition.
Oba Oloyede, a US-based accountant and information systems expert, was appointed Apetu of Ipetumodu in July 2019. He was arrested in early 2024 alongside Nigerian pastor, Edward Oluwasanmi, for their roles in fraudulently obtaining $4.2 million in pandemic relief funds.
The high-profile case has drawn widespread attention to the abuse of COVID-19 aid programs and the involvement of high-ranking individuals in financial crimes.
(Vital News)
