A Nigerian monarch, who holds dual citizenship in the United States and Nigeria, has been handed a 56-month prison sentence following a guilty plea on several counts of fraud and tax offenses, according to a recent report by the U.S. Department of Justice. The individual, Joseph Oloyede, a 62-year-old resident of Medina, Ohio, was involved in a substantial defrauding of federal loan and grant programs designed to help small businesses during the COVID-19 pandemic.
The conviction stemmed from Oloyede's participation in fraudulent applications to the U.S. Small Business Association's Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program, netting over $4.2 million. Oloyede pleaded guilty in April to 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. As part of his sentence, he is also required to complete three years of supervised release after imprisonment and make restitution amounting to over $4.4 million.
Oloyede, along with his co-conspirator Edward Oluwasanmi, who received a 27-month prison sentence in July 2024, submitted loan applications containing falsified information through various business entities. The scheme was orchestrated from around April 2020 to February 2022, with Oloyede sometimes using the names of his clients and their businesses to apply for the loans, charging them a 15-20% fee for securing the loans, as detailed in the Department of Justice's announcement. Oloyede's misuse of the funds included acquiring land, building a new home, and purchasing a luxury vehicle.
In addition to his financial crimes, Oloyede holds a ceremonial title as the monarch, or traditional ruler, of the Nigerian city of Ipetumodu. His case was investigated by several federal agencies, including the FBI Cleveland Division, and IRS-Criminal Investigations. As referred by the Department of Justice report, Oloyede's crimes caused the SBA to approve 38 fraudulent applications, totaling $4,213,378 in dishonestly obtained loans and advances.
