A traditional ruler (Apetu) of Ipetumodu in Osun State, South West Ngeria, Oba Joseph Olugbenga Oloyede has been sentenced to 56 months (4 years, 8 months) in prison by the U.S. District Court on Tuesday.

He holds dual U.S. and Nigeria citizenship in, and resides in Medina, Ohio.

Delivering judgement, the presiding Judge, Christopher A. Boyko on August 26, 2025 convicted the monarch, after he pleaded guilty in April 2025 to multiple charges of conspiracy to commit wire fraud, engaging in monetary transactions in criminally derived property, and making false tax returns.

He was also ordered to serve three years of supervised release, pay restitution of $4,408,543.38, and forfeit his Medina, Ohio home, along with $96,006.89 in seized proceeds.

The fraudulent scheme ran from April 2020 to February 2022, exploiting COVID-19 relief loan programmes (PPP and EIDL) under the CARES Act.

Oloyede and his co-conspirator used false information to obtain more than $4.2 million in loans, using proceeds to acquire land, build a house, and buy luxury items.