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Osun Monarch Jailed in US for $4.2m COVID-19 Loan Fraud
By DocuNews Central
A Nigerian monarch has been sent to jail in the United States for his role in a huge COVID-19 loan fraud. The case has shocked many people in Nigeria and abroad.
Who is the Monarch?
The monarch is Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, Nigeria.
He is 62 years old and also has American citizenship.
For years, he ruled his people in Ipetumodu, a town in Osun.
But in the US, he lived in the city of Medina, Ohio.
It was from there that he got involved in fraud linked to COVID-19 loans.
The Crime
During the pandemic, the US government gave out special loans.
These loans were meant to help small businesses survive the hard times.
They were called PPP loans (Paycheck Protection Program) and EIDL loans (Economic Injury Disaster Loans).
The monarch and his partner, Edward Oluwasanmi, used fake details to apply for these loans.
They made up names of businesses, tax records, and workers.
Between April 2020 and February 2022, they sent 38 fake applications.
How Much Did They Steal?
The fake loan applications brought in a total of $4.2 million.
That is about ₦6.7 billion in Nigerian money.
Instead of helping workers, the monarch used the money for himself.
He bought land, built a home, and even bought a luxury car.
The Court Case
In April 2025, the monarch pleaded guilty.
He admitted he committed wire fraud and tax fraud.
On August 26, 2025, a federal court in Ohio gave him his punishment:
56 months in prison (about four years and eight months).
$4.4 million in restitution (money he must pay back).
Forfeiture of his Medina home.
$96,000 cash seized by investigators.
After jail, he will be under three years of supervision.
The Reaction
The news has shocked many people in Osun and Nigeria as a whole.
Many are asking:
How could a monarch, a custodian of culture, get involved in such fraud?
What will happen to the throne of Ipetumodu?
How will this affect the image of Nigerian traditional leaders?
Lessons to Learn
This story shows how greed can destroy honor.
A man who was respected at home has now been disgraced abroad.
It also shows that the US justice system takes fraud very seriously.
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Stay Updated
This case is still developing.
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✍️ Written by DocuNews Central Newsroom
