The embattled traditional ruler of Ipetumodu in Osun State, Oba Joseph Olugbenga Oloyede, has been ordered by a U.S. federal court to surrender millions in assets after pleading guilty to charges tied to a $4.2 million COVID-19 relief fraud scheme.
Oloyede, 62, who also holds American citizenship, was indicted in April 2024 alongside Nigerian-American Edward Oluwasanmi. The duo was accused of orchestrating an elaborate plot to siphon pandemic relief funds from the U.S. Small Business Administration (SBA).
On May 5, 2025, Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio signed a Preliminary Order of Forfeiture, greenlighting the seizure of prime assets linked to the convicted monarch. The order came on the heels of a plea bargain entered by Oloyede on April 24, 2025, where he admitted guilt to 13 charges, including wire fraud conspiracy, money laundering, and defrauding a federal relief programme. In exchange for a lighter sentence, he waived his right to appeal or seek restitution.
Among the forfeited assets is a sprawling residential property in Medina County, Ohio, purchased under his wife Sherri Oloyede’s name in May 2021. Also seized was $96,006.89 held in a JP Morgan Chase account registered to Joseph Oloyede and Associates Ltd.
Although the property was listed under Sherri Oloyede’s name, both husband and wife waived their right to contest the forfeiture as part of the plea agreement.
Oba Oloyede now faces sentencing under federal guidelines, which could see him serve substantial time behind bars. His conviction also threatens his status as a traditional ruler in Nigeria, with legal and cultural consequences looming in the aftermath of the scandal.
