Joseph Oloyede, the Apetu of Ipetumodu in Osun State, was indicted for conspiracy, wire fraud, and money laundering and is presently being held by the Federal Bureau of Investigation (FBI).
Following his installation as Ipetumodu’s traditional ruler in 2019, Oloyede regularly traveled between Nigeria and the US for both personal and regal activities.
But he hasn’t been seen in almost a year, and he missed three significant traditional celebrations, such as the Edi Celebration and the yearly Egungun Festival.

The indictment of Oloyede and Edward Oluwasanmi has now been confirmed by the US Department of Transportation.
The statement claims that the two defrauded the U.S. Small Business Administration (SBA) of more than $4.2 million in COVID-19 relief money under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The money was obtained through Economic Injury Disaster Loans (EIDLs) and Paycheck Protection Program (PPP) loans.
According to court records, both individuals were taken into custody on April 5, 2024.
According to the accusation, Oloyede and Oluwasanmi fraudulently obtained monies between April 2020 and February 28, 2022, by submitting fabricated tax and wage papers in their PPP and EIDL applications.
SBA funds for both firms totaled $1.2 million for Oluwasanmi and $1.7 million for Oloyede. Through these applications, Oloyede was able to illegally obtain roughly $1.3 million in total, making the total fraudulent amount at least $4.2 million, according to the statement.
Together with other U.S. agencies, the FBI and the Internal Revenue Service’s (IRS) Criminal Investigation unit claim they are aggressively working on the matter.