The Apetu of Ipetumodu, Oba Joseph Oloyede—who mysteriously disappeared in March 2024—has been located in the custody of the Federal Bureau of Investigation (FBI). He is accused of orchestrating a scheme that defrauded the U.S. government of approximately $4.2 million in COVID-19 relief funds.
According to FBI officials, Oba Oloyede registered six companies through which he allegedly applied for and received multiple loans intended for businesses struggling during the pandemic. Investigators claim he falsified tax records, wage statements, and other financial documents to secure loans from programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL).
In June 2020 alone, he reportedly obtained funding for companies named Available Tax Services, Available Tutors, and Available Financial, followed by another loan two days later for Available Transportation.
Further inquiries suggest that the monarch—an accountant by profession—also helped co-conspirators commit similar fraud, charging a percentage of each successfully disbursed loan. While he was crowned in 2019, Oba Oloyede frequently traveled between Nigeria and the United States to manage both his royal duties and personal business affairs.
Federal authorities assert that a significant portion of the misappropriated funds was used for personal expenses, in direct violation of U.S. law. The FBI has confirmed that investigations are ongoing, and additional charges could be forthcoming for anyone found complicit in the alleged scheme.
