A U.S. court has granted bail to Yoruba king, Oba Joseph Olugbenga Oloyede, the Apetu of Ipetumodu, after he was arrested and charged with defrauding the American government of 4.2 million dollars in COVID-19 relief funds.
Bail conditions and passport seizure
Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio approved his conditional release on a 20,000-dollar bond. As part of the bail terms, Mr Oloyede was required to surrender both his American and Nigerian passports while awaiting trial, a process that could stretch over several months. His U.S. passport, bearing the number 56244 and expiring on June 18, 2027, was seized alongside his Nigerian passport, A0897.
Concerns in Ipetumodu over monarch’s absence
The prolonged absence of the Osun monarch has unsettled residents of Ipetumodu, particularly as he has missed key traditional rites considered vital for the spiritual well-being of the community.
Charges and allegations of fraud
According to U.S. authorities, the 62-year-old monarch conspired with others to illegally obtain pandemic relief funds meant for struggling businesses in 2020. Prosecutors say he not only falsified documents to secure the loans but also assisted his associates in committing similar fraud, allegedly charging a percentage from their fraudulent gains.
Leveraging his accounting expertise, Mr Oloyede is accused of fabricating financial records to bypass loan eligibility requirements, thereby orchestrating a multi-million-dollar scheme. While the relief funds were intended to help businesses cover essential expenses such as payroll and fixed debts, the FBI alleges that the king diverted the money for personal use.
Also read: FBI arrests suspected Nigerian fraudster “Bobo Chicago” for $2.8 million business email scam
Arrest and legal proceedings
Unaware of the 13-count indictment against him, Mr Oloyede returned to the U.S. in 2024, only to be apprehended in Bedford Heights under a warrant secured by FBI Special Agent Brett Zuck. He now faces charges including conspiracy to commit wire fraud, wire fraud, and money laundering.
Meanwhile, the FBI has initiated legal steps to confiscate any assets linked to the alleged fraud.
Uncertain future for the monarch and Ipetumodu
With the case still unfolding, uncertainty looms over Ipetumodu. It remains unclear whether the community will continue to recognise Mr Oloyede as their ruler throughout his legal battle or if traditional laws will necessitate choosing a new leader to uphold the town’s customs and governance.
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