The United States District Court for the Northern District of Ohio has granted an order mandating the forfeiture of assets linked to the Apetu of Ipetumodu, Oba Joseph Oloyede, over a $4.2 million COVID-19 relief fraud.
Judge Christopher Boyko of the U.S. District Court, in a Preliminary Order of Forfeiture issued on May 5, 2025, authorised the federal government to seize various high-value assets tied to the convicted monarch.
It was gathered that these assets are listed as a residential property in Medina County, Ohio, purchased by the monarch in May 2021 under his wife’s name, Sherri Oloyede and $96,006.89 held in a JP Morgan Chase bank account under the name Joseph Oloyede and Associates Ltd.
This comes after Oloyede, alongside Nigerian pastor Edward Oluwasanmi, pleaded guilty to defrauding the U.S. government through falsified applications for Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds under the CARES Act.
Following the plea bargain, court documents revealed that Oloyede waived the right to contest the forfeiture of some assets despite being held in his wife’s name.
It was gathered that this was in line with the negotiated plea agreement to secure a reduced sentence.
The monarch has also waived his right to appeal the forfeiture order or seek any restitution in the future.
Recall that Oloyede’s troubles began after his arrest on May 4, 2024, by the FBI over an alleged COVID-19 relief fraud case.
Court documents reveal that between April 2020 and February 2022, the duo allegedly committed COVID-19 relief fraud by submitting fake tax and wage documents to secure funds intended for struggling businesses during the pandemic.
The Osun monarch, a U.S.-based accountant and IT specialist crowned in 2019, allegedly used companies like Available Tax Services Incorporated and Available Financial Corporation to siphon off $3.76 million in the COVID-19 relief fraud case.
Oluwasanmi, on the other hand, was alleged to have transferred $1 million to a brokerage account, further misusing the funds.
Prosecutors have already seized $620,000 from Oluwasanmi and are now targeting additional assets linked to Oloyede’s fraudulent proceeds.
