Judge Christopher Boyko of the US District Court for the Northern District of Ohio ordered the release of Oba Joseph Olugbenga Oloyede, the Apetu of Ipetumodu, on a $20,000 bail following his indictment and arrest for allegedly defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
As part of his bail conditions, the judge confiscated Mr. Oloyede’s U.S. and Nigerian passports pending the outcome of his trial, which could take several months.
His U.S. passport, bearing the number 56244 and set to expire on June 18, 2027, was seized along with his Nigerian passport, A0897.
The monarch’s prolonged absence has caused unease among the people of Ipetumodu, as he has missed key traditional festivals and rituals believed to be vital for the spiritual well-being of the land.
According to investigators, the 62-year-old traditional ruler conspired with others to exploit COVID-19 relief programs meant to support struggling businesses during the 2020 pandemic.
Mr. Oloyede allegedly falsified documents to obtain loans and helped his co-conspirators do the same, charging them a percentage of the funds received.
Leveraging his accounting expertise, he bypassed loan eligibility requirements using fraudulent paperwork, facilitating a multimillion-dollar scheme.
While the funds were intended to cover payroll, fixed debts, and other permissible business expenses, FBI investigators discovered that the monarch diverted the money for personal use.
Mr. Oloyede frequently traveled between Cleveland—where his family resides—and Ipetumodu.
However, when he returned to the U.S. in 2024, he was unaware that a 13-count indictment for fraud awaited him. The charges include conspiracy to commit wire fraud, wire fraud, and money laundering.
FBI Special Agent Brett Zuck secured an arrest warrant, leading to Mr. Oloyede’s capture in Bedford Heights in May 2024.
The FBI is also seeking court approval to seize all assets linked to the fraudulent proceeds.
It remains uncertain whether the people of Ipetumodu will wait for their king to fight his legal battle or if traditional customs will demand that the royal throne not remain vacant for long.
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