Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, has been sentenced to 56 months in prison by a U.S. court for his role in a $4.2 million COVID-19 fraud scheme.
The 62-year-old, who holds dual Nigerian and U.S. citizenship and lives in Ohio, was ordered to repay over $4.4 million and forfeit his Medina home purchased with the fraud proceeds.
According to the U.S. Attorneyβs Office, Oloyede conspired with a partner to submit false loan applications under the CARES Act from April 2020 to February 2022, exploiting emergency relief funds intended for struggling businesses.
Pleading guilty to wire and tax fraud charges earlier this year, Oloyede and his co-conspirator operated multiple businesses to secure approximately $2.9 million in SBA loans fraudulently.
This case highlights ongoing efforts to crack down on pandemic-related financial crimes.
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