Oba Joseph Oloyede, the traditional ruler known as the Apetu of Ipetumodu in Osun State, Nigeria, and a resident of Medina, Ohio, has been sentenced to 56 months (four years and eight months) in prison for his leading role in a substantial scheme to defraud federal COVID-19 relief programs. The 62-year-old, who holds dual U.S. and Nigerian citizenship, received his sentence on August 26, 2025, from U.S. District Judge Christopher A. Boyko in Cleveland, Ohio, following his guilty plea in April to multiple charges.

The charges to which Oloyede pleaded guilty included one count of Conspiracy to Commit Wire Fraud, three counts of Engaging in Monetary Transactions in Criminally Derived Property, and two counts of Making and Subscribing a False Tax Return. Beyond his imprisonment, the court ordered Oloyede to serve three years of supervised release and to pay a hefty sum of $4,408,543.38 in restitution. Furthermore, he was compelled to forfeit his Medina home on Foote Road, which was acquired with the illicit proceeds of the scheme, along with an additional $96,006.89 in fraud proceeds previously seized by investigators.

Court documents reveal that the fraudulent activities spanned from approximately April 2020 to February 2022. Oloyede, in collaboration with his co-conspirator, Edward Oluwasanmi, 62, of Willoughby, orchestrated a plan to submit falsified applications for loans made available through the U.S. Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These critical programs, including the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, were specifically designed to offer financial assistance to small businesses grappling with economic hardship caused by the COVID-19 pandemic.

Investigators discovered that Oloyede operated as a tax preparer and maintained ownership of five businesses and one nonprofit organization. His co-defendant, Oluwasanmi, who was also a tax client, owned three additional business entities; all these businesses were incorporated in Ohio. Both individuals exploited these entities to submit numerous loan applications containing false information. Through these means, they successfully obtained approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities. Additionally, Oloyede extended his scheme by submitting fraudulent PPP and EIDL applications in the names of some of his clients and their businesses. For this service, he would demand a kickback of 15-20% of the loan amount, which he deliberately failed to report as income to the IRS on his personal tax returns. The ill-gotten funds were subsequently used by Oloyede for personal enrichment, including the acquisition of land, construction of a home, and the purchase of a luxury vehicle.

In total, Oloyede was responsible for the approval of 38 fraudulent applications, resulting in the disbursement of $4,213,378 in loans and advances from the SBA. His co-conspirator, Edward Oluwasanmi, had previously been sentenced in July 2024 to 27 months in prison for his involvement in the conspiracy. Oluwasanmi was also ordered to serve three years of supervised release, pay a $15,000 fine, and more than $1.2 million in restitution. He, too, forfeited significant proceeds from the scheme, including a commercial property in South Euclid and over $600,000 transferred to various financial accounts.

The extensive investigation that led to these convictions was a collaborative effort involving the U.S. Department of Transportation-Office of the Inspector General (as part of the Pandemic Response Accountability Committee Fraud Task Force), the FBI Cleveland Division, and IRS-Criminal Investigations. The case was vigorously prosecuted by Assistant United States Attorneys Edward D. Brydle and James L. Morford for the Northern District of Ohio, highlighting the commitment to combating fraud against vital federal assistance programs.