U.S. Jails Osun Monarch Over COVID-19 Loan Fraud

The Apetu of Ipetumodu, Osun State, Oba Joseph Oloyede, has been sentenced to 56 months in a United States prison for defrauding the government of millions of dollars meant to support businesses during the COVID-19 pandemic.

Oloyede, who also holds American citizenship, was found guilty of filing fake applications for relief loans and using the money to acquire properties, build houses, and buy luxury items. He was also ordered to refund over $4.4 million and forfeit assets linked to the crime.

According to U.S. prosecutors, the monarch submitted dozens of fraudulent applications through companies under his control and took kickbacks from clients whose loans he processed.

His associate, Edward Oluwasanmi, was earlier sentenced to more than two years in prison for his role in the scheme.