By Our Correspondent.
A United States District Court has sentenced Oba Joseph Oloyede, a traditional ruler from Ipetumodu in Osun State and a dual Nigerian-American citizen, to 56 months (over four years) in prison for his role in a multi-million-dollar COVID-19 loan fraud.
The judgment was delivered on Tuesday, August 26, by U.S. District Judge Christopher A. Boyko in the Northern District of Ohio. The 62-year-old monarch had earlier pleaded guilty to multiple charges after being indicted in April.
Charges Against Oba Oloyede
The traditional ruler faced several charges, including:
One count of Conspiracy to Commit Wire Fraud
Three counts of Engaging in Monetary Transactions in Criminally Derived Property
Two counts of Making and Subscribing a False Tax Return
Sentence and Penalties
Apart from his prison term, Oba Oloyede was sentenced to three years of supervised release and ordered to pay $4,408,543.38 in restitution. He will also forfeit his Medina home on Foote Road, allegedly acquired with fraud proceeds, as well as an additional $96,006.89 seized by investigators.
Details of the Fraud
Court documents revealed that between April 2020 and February 2022, Oba Oloyede and his accomplice, Edward Oluwasanmi, 62, of Willoughby, Ohio, conspired to submit fraudulent applications to obtain loans through the U.S. Small Business Administration (SBA).
These applications targeted relief programs established under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, including the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program—initiatives designed to support small businesses struggling during the pandemic.
The Federal Bureau of Investigation (FBI) arrested Oba Oloyede, who was subsequently convicted of conspiracy, wire fraud, and money laundering in connection with the scheme
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