In a significant development, disgraced monarch Joseph Oloyede has been forced to forfeit substantial assets, including cash and property, to the US government in anticipation of his upcoming sentencing. This move underscores the gravity of the legal troubles Oloyede faces, highlighting the severe consequences of his actions. As the case unfolds, it serves as a stark reminder of the reach of US law and the importance of accountability, regardless of one’s status or position. With Oloyede’s royal stature now tarnished by scandal, the outcome of this case will likely have far-reaching implications.

A disgraced Nigerian monarch, Joseph Oloyede, has been compelled by a court order to surrender millions of dollars in cash and valuable properties to the United States government. This follows his conviction on multiple fraud charges related to a $4.2 million scheme involving COVID-19 relief funds, as indicated in legal documents reviewed by Peoples Gazette.

The troubles continue for Mr. Oloyede, who held the title of Apetu of Ipetumodu in Osun State when he was apprehended. This latest development precedes his sentencing later this year. On April 24th, he admitted guilt to 13 fraud charges, prompting the U.S. government to initiate legal proceedings to recover the misappropriated funds by seizing his assets.

Consequently, the U.S. government submitted a forfeiture motion against the 62-year-old in the United States District Court for the Northern District of Ohio Eastern Division. Judge Christopher Boyko granted this motion on May 5th, clearing the path for authorities to take control of numerous valuable possessions belonging to Mr. Oloyede within the United States.

In his Preliminary Order of Forfeiture ruling, Judge Boyko sanctioned the seizure of multiple assets belonging to Mr. Oloyede. These include a property situated in Medina County, Ohio, which the defendant acquired around May 2021, registering it under his wife’s name, Sherri Oloyede.

Although Ms. Oloyede was a third-party claimant to this property, both she and her husband willingly agreed not to challenge the forfeiture as part of the plea agreement between Mr. Oloyede and the government, aimed at securing a more lenient sentence. Furthermore, Mr. Oloyede relinquished his right to appeal the Preliminary Order of Forfeiture at any point in the future.

The court further approved the government’s request to seize $96,006.89 held in JP Morgan Chase Account Number: *****5665, under the name Joseph Oloyede and Associates Ltd. As part of his plea agreement, the defendant consented not to appeal this order.

The Cleveland-based traditional ruler, who is also a U.S. citizen, was initially arrested on May 4, 2024, following a court-issued warrant. The FBI alleged that he masterminded a scheme involving his six registered companies to illicitly acquire loans intended for businesses facing hardship during the COVID-19 pandemic.

FBI investigations revealed that on October 7, 2021, Mr. Oloyede secured a $500,000 loan for his company, JO&A, based on a fraudulent application. Subsequently, another $500,000 loan was approved for his other company, Available Transportation, just two days later.

The FBI also uncovered that in June 2020 alone, Mr. Oloyede received over $100,000 for four of his six companies – Available Tax Services, Available Tutors, Available Financial, and Available Transportation – all stemming from false claims submitted by him.

The case of disgraced monarch Joseph Oloyede serves as a stark reminder of the consequences of exploiting public trust and government relief programs. His conviction and the subsequent forfeiture of substantial assets underscore the commitment of the U.S. legal system to hold individuals accountable for fraudulent activities, regardless of their status or international connections.

This outcome should serve as a deterrent, reinforcing the importance of integrity and the certainty of prosecution for those who seek to illicitly benefit from crises. The recovery of these funds offers a measure of justice and a potential return of resources intended to support legitimate businesses during a critical time.