The Apetu of Ipetumodu, Oba Joseph Oloyede, who mysteriously disappeared in March 2024, has been discovered in FBI custody, facing allegations of defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
The Yoruba monarch, who also holds American citizenship, is currently battling a 13-count fraud indictment at the U.S. District Court for the Northern District of Ohio.
His prolonged absence has left the Ipetumodu royal stool vacant for nearly a year, sparking concerns among locals, especially after he missed key traditional festivals like Odun Egungun and Odun Edi.
Authorities revealed that Oloyede, based in Cleveland, Ohio, was arrested on May 4, 2024, after a court-issued warrant led to his apprehension.
The FBI accused him of using his six registered companies to fraudulently obtain COVID-19 relief loans meant for struggling businesses.
Investigators discovered that in June 2020, Oloyede received over $100,000 in loans for four of his companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation.
Later, in October 2021, he secured a $500,000 loan for JO&A, followed by another $500,000 for Available Transportation just two days later.
Further investigations uncovered that the monarch also assisted co-conspirators in executing similar fraudulent schemes, charging a percentage of the loan amount upon disbursement.
According to the April 3, 2024, indictment, Oloyede knowingly submitted false loan applications and manipulated financial records.
Unaware of the indictment, he returned to the U.S., where he was immediately arrested by the FBI.
With his legal troubles mounting, it remains unclear whether Ipetumodu indigenes will seek to replace their embattled ruler if he is convicted and sentenced to prison.
