Nigerian King, found guilty, loses millions and property to U.S. government in COVID-19 fraud

Joseph Oloyede, a disgraced Nigerian monarch and dual U.S. citizen, has been ordered to forfeit millions in cash and valuable property to the U.S. government following his conviction in a $4.2 million COVID-19 relief fraud case.

Oloyede, formerly the Apetu of Ipetumodu in Osun State, pleaded guilty on April 24 to 13 counts of fraud and now awaits sentencing. Ahead of that sentencing, the U.S. government filed a motion to seize his assets, which was approved on May 5 by Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio.

Among the forfeited assets is a Medina County, Ohio property bought in his wife Sherri Oloyede’s name in May 2021. Despite her stake, both parties agreed not to challenge the forfeiture as part of a plea deal aimed at securing a reduced sentence.

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Oloyede also waived his right to appeal the forfeiture order. Additionally, the court approved the confiscation of $96,006.89 from a JP Morgan Chase account registered to Joseph Oloyede and Associates Ltd.

This, too, was included in the plea agreement. Oloyede was arrested on May 4, 2024, after investigators linked him to a fraudulent scheme involving six companies used to secure COVID-19 relief loans under false pretenses.

The FBI found that in June 2020 alone, he received over $100,000 for four of his businesses using fabricated information. Further fraudulent loans totaling $1 million were obtained in October 2021 through JO&A and Available Transportation. His sentencing is expected later this year.