Osun Monarch Allegedly Faces Fraud Trial in the U.S.

Column, DNEWSINFO

The mysterious disappearance of the Apetu of Ipetumodu, Oba Joseph Olugbenga Oloyede, has sparked widespread concern within his community. Residents and indigenes are urging Osun State Governor Ademola Adeleke to intervene and clarify the circumstances surrounding the king’s absence.

Oba Oloyede, a U.S.-based accountant and information systems expert, ascended the throne in July 2019 following the passing of Oba James Adegoke in November 2017. Since his coronation, he had frequently traveled between Nigeria and the U.S. However, he has not been seen in Ipetumodu since March 2024, raising speculation about his whereabouts.

Speculations Surround Monarch’s Disappearance  

While some community members claim the monarch is recovering from an illness in the U.S., others suspect he is facing legal proceedings for financial fraud. The uncertainty has led to growing unrest, particularly among traditional leaders.

A high-ranking chief, speaking anonymously, disclosed that before his disappearance, Oba Oloyede demolished the historic palace with a pledge to construct a modern replacement. “The king never lived in the palace but at his private residence. We warned him against demolishing the entire palace, but it was still brought down along with the customary court,” the chief lamented.

Although some chiefs, led by Asalu Sunday Adedeji, continue to hold meetings at the palace, the Oosa of Ipetumodu, the second-in-command, along with four others, have ceased attending.

During a recent public event, a projected image of the king was displayed to the audience, but many residents dismissed it as fake, insisting that only his physical presence would resolve their concerns.

Absence from Traditional Festivals

Sources close to the palace confirmed that Oba Oloyede failed to attend three major cultural events, Odun Egungun (masquerade festival), Odun Edi (Edi festival), and Ota Aaje (Obatala festival). The monarch was expected to don an ancient crown and bless the town during the Edi festival in October 2024, but his absence fueled further unease.

“It was his wife who stood in for him, which is a cultural abomination,” a source revealed. “The masquerade must not bow to a woman.”

Community members were particularly unsettled that he also missed Ipetumodu Day, an annual celebration of the town’s heritage.

Allegations of Fraud in the U.S.

Amid the speculation, emerging reports suggest that Oba Oloyede may be facing fraud charges in the U.S. Official documents indicate that a “Joseph Oloyede,” aged 61, was indicted alongside Edward Oluwasanmi for allegedly defrauding the U.S. government of $4.2 million in COVID-19 relief funds.

According to the U.S. Attorney’s Office for the Northern District of Ohio, the suspects used fictitious businesses to fraudulently obtain funds intended to support small businesses during the pandemic. The indictment details 13 counts of conspiracy to commit wire fraud, wire fraud, and money laundering.

Court records reveal that the accused allegedly falsified Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) applications, channeling approximately $1.3 million through fraudulent claims. Authorities have since moved to seize Oloyede’s assets, including a residence in Medina, Ohio.

Despite these allegations, Oloyede and his co-defendant were released on $20,000 unsecured bonds pending trial.

Investigations and Growing Suspicions

Although no official confirmation links the indicted individual to the Apetu of Ipetumodu, multiple circumstantial pieces of evidence have raised suspicions.

Public records indicate that the indicted Joseph Oloyede shares the same birthdate, December 7, 1962 same as the Osun monarch. Moreover, the timing of the legal proceedings coincides with the king’s last known visit to the U.S.

Additionally, a LinkedIn profile under the name “Joseph Oloyede DBA, FCA, EA” lists Greater Cleveland as the user’s location. The profile, featuring an image of the Apetu in royal attire, describes him as a professor and tax consultant, with prior experience at Indiana Wesleyan University’s Cleveland Education Center.

The same profile also contains posts promoting “Available Tax Services,” a firm allegedly involved in fraudulent COVID-19 relief claims.

Calls for Clarification

Despite mounting evidence, some traditional rulers in Osun State have urged caution, arguing that the missing middle name “Olugbenga” in U.S. legal documents casts doubt on the allegations against Oba Oloyede.

“If it was truly the monarch, it would be explicitly stated in the indictment, and Western media would have widely reported the case,” a senior Osun king asserted.

Nevertheless, Ipetumodu residents continue to demand clarity regarding their king’s whereabouts, as speculation over his involvement in financial misconduct intensifies.

By Taiwo Olatinwo | February 15, 2025.