Convicted Osun Monarch Joseph Oloyede Forfeits Millions, Property to U.S. Govt in COVID-19 Scám Case

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 fr@ud case.

Oloyede, formerly the Apetu of Ipetumodu in Osun State, pleaded guilty on April 24 to 13 counts of fr@ud 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. 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 fr@udulent 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 fr@udulent loans totaling $1 million were obtained in October 2021 through JO&A and Available Transportation.

His sentencing is expected later this year. [CONTINUE READING HERE]>>>>>