‘Missing’ Osun monarch found in FBI custody over $4.2 million fraud allegations

In a shocking turn of events, the Apetu of Ipetumodu, Oba Joseph Oloyede, who mysteriously went missing in March 2024, has been discovered in the custody of the U.S. Federal Bureau of Investigation (FBI).

The Nigerian monarch, who also holds American citizenship, is facing allegations of defrauding the U.S. government of $4.2 million.

Oba Oloyede’s prolonged absence had left the royal stool vacant for nearly a year, causing unease among indigenes as he missed key traditional festivals, including the annual Odun Egungun and Odun Edi.

According to FBI records, the monarch was arrested on May 4, 2024, following a warrant issued by the U.S. District Court.

Investigations revealed that Oba Oloyede allegedly orchestrated a fraudulent scheme through six registered companies to obtain pandemic relief loans meant for struggling businesses.

The indictment states that he submitted falsified financial documents to secure loans under the Economic Injury Disaster Loan (EIDL) program.

In June 2020 alone, four of his companies—Available Tax Services, Available Tutors, Available Financial, and Available Transportation—each received over $100,000 in loans.

By October 2021, Oba Oloyede had obtained two additional loans of $500,000 each for his company JO&A and Available Transportation.

Further findings allege that the monarch, an accountant by profession, also assisted co-conspirators in executing similar fraudulent schemes, charging them a percentage of the loan amount upon disbursement.

The indictment reads, “Oloyede assisted co-conspirators and confederate borrowers who submitted and caused to be submitted PPP and EIDL loan applications containing false information”.

Unaware of his pending indictment, the monarch returned to the U.S., where he was swiftly arrested upon arrival.

Oba Oloyede is currently battling a 13-count fraud indictment at the U.S. District Court for the Northern District of Ohio.

If found guilty, he could face severe penalties, including a long-term prison sentence and hefty fines.

The monarch’s absence has raised questions about the leadership vacuum within the kingdom, with some elders of the town beginning deliberations on the potential next steps.