Disgraced Monarch Oloyede Forfeits Cash And Property To U.S. Govt Ahead Of Sentencing

Disgraced Nigerian monarch, Joseph Oloyede, has been ordered to forfeit millions of dollars in cash and high-value property to the United States government following his conviction on several fraud-related charges in $4.2 million COVID-19 relief scam, according to legal filings sighted by Peoples Gazette.





The latest blow to Mr Oloyede, who was the Apetu of Ipetumodu in Osun State at the time of his arrest, came ahead of the sentencing later this year after he pleaded guilty to 13 fraud charges against him on April 24, with the government eventually launching legal moves to seize property belonging to him to recover the stolen money.

Subsequently, the U.S. government filed a forfeiture motion against the 62-year-old at the United States District Court for the Northern District of Ohio Eastern Division, which was subsequently granted by Judge Christopher Boyko on May 5, paving the way for authorities to take possession of many of Mr Oloyede’s prized possessions located in the U.S.

In his Preliminary Order of Forfeiture ruling, Mr Boyko approved the forfeiture of several assets belonging to Mr Oloyede, including a property located in Medina County, Ohio, was purchased by the defendant around May 2021 under his wife’s name, Sherri Oloyede.

Despite Ms Oloyede being a third-party claimant to the property, the couples voluntarily agreed not to contest the decision as part of the plea bargain between the defendant and the government for lighter sentences. He also waived his right to appeal the Preliminary Order of Forfeiture in the future.

Furthermore, the court also granted the government’s request to confiscate the sum of $96,006.89 in a JP Morgan Chase Account Number: *****5665, in the name of Joseph Oloyede and Associates Ltd, an order that the defendant agreed not to appeal as stated in his plea agreement.

The Cleveland-based monarch, who also holds American citizenship, was first arrested on May 4, 2024, after a court issued a warrant for his apprehension. The FBI accused him of orchestrating a scheme through his six registered companies to fraudulently obtain loans meant for struggling businesses during the COVID-19 pandemic.

Investigations conducted by the FBI discovered that on October 7, 2021, Mr Oloyede was granted a $500,000 loan for his company JO&A based on false application before another $500,000 loan was approved for another company belonging to him, Available Transportation, two days later.

The FBI also found that in June 2020 alone, the defendant received over $100,000 for four of his six companies, including Available Tax Services, Available Tutors, Available Financial and Available Transportation based on false claims submitted by Mr Oloyede.

People's Gazzete