The Osun monarch, Oba Joseph Oloyede, has confessed in a U.S. court to defrauding America of $4.2 million in COVID-19 relief funds.
He admitted guilt in a multi-million dollar fraud scheme involving falsified loan applications under the U.S. Paycheck Protection Programme (PPP) and Economic Injury Disaster Loan (EIDL) between April 2020 and February 2022.
The monarch, who was crowned the Apetu of Ipetumodu in 2019, along with a Nigerian pastor named Edward Oluwasanmi, used several companies to submit fraudulent applications and diverted funds for personal use.
Oba Oloyede explained his actions in a sentencing memorandum, indicating that the COVID-19 pandemic pushed him to commit the fraud.
The case revealed that he used six companies to perpetrate the fraud.
The fraudulent funds were meant to support struggling American businesses during the pandemic, but instead, some of the money was used to purchase commercial properties and cover personal expenses.
Oloyede is currently facing sentencing in the U.S., while his co-defendant Oluwasanmi has been sentenced to 27 months in prison and ordered to forfeit $1.3 million.
Properties linked to Oloyede have also been seized by U.S. authorities as part of asset forfeiture proceedings.
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