U.S. Court Orders Forfeiture of Assets Owned by Nigerian Monarch Convicted in Multi-Million Dollar COVID-19 Scam
Disgraced Nigerian traditional ruler, Joseph Oloyede, has been forced to surrender large sums of cash and valuable real estate properties to the United States government ahead of his sentencing in a $4.2 million COVID-19 relief fund scam.
The forfeiture follows Mr Oloyede’s guilty plea on 13 counts of fraud, marking a significant turn in a case that has attracted international attention due to his status as a traditional monarch.
Forfeiture Motion Approved by U.S. Federal Court
According to court filings obtained by Peoples Gazette, the United States District Court for the Northern District of Ohio Eastern Division granted the government’s forfeiture request on May 5, 2025.
The Presiding Judge, Christopher Boyko, approved the seizure of Mr Oloyede’s assets, including:
- A high-value residential property in Medina County, Ohio, purchased in 2021 in the name of his wife, Sherri Oloyede
- $96,006.89 held in a JP Morgan Chase account under Joseph Oloyede and Associates Ltd
Both the real estate and the funds are now subject to permanent forfeiture, following the monarch’s signed plea agreement and waiver of appeal rights.
Monarch Opts Not to Contest Property Seizure
Though the property was listed under his wife’s name, the couple chose not to challenge the forfeiture, in a move seen as part of a negotiated plea deal to mitigate sentencing.
Legal experts believe this cooperation may be aimed at securing a reduced prison term during final sentencing proceedings later this year.
Details of the COVID-19 Loan Fraud Scheme
Joseph Oloyede, 62, and holder of dual Nigerian and U.S. citizenship, was arrested on May 4, 2024, after federal investigators uncovered a sophisticated fraud network involving at least six shell companies registered in his name.
According to the FBI, Mr Oloyede submitted falsified documents to secure emergency pandemic loans meant for struggling U.S. businesses.
Key findings from the FBI investigation include:
- On October 7, 2021, he fraudulently obtained $500,000 for his firm JO&A
- Just two days later, another $500,000 loan was granted to Available Transportation, also owned by him
- In June 2020 alone, over $100,000 in COVID relief funds were disbursed to four of his companies:
- Available Tax Services
- Available Tutors
- Available Financial
- Available Transportation
These disbursements were allegedly based on forged payroll documents and tax returns submitted as part of the federal Paycheck Protection Program (PPP).
From Royalty to Reproach: The Fall of a Nigerian Monarch
Before his legal troubles, Joseph Oloyede served as the Apetu of Ipetumodu, a respected traditional title in Osun State, Nigeria. His arrest and conviction have sparked outrage and disappointment both within Nigeria and among diaspora communities.
Analysts say this case further underscores the global reach of U.S. anti-fraud enforcement, especially concerning misuse of pandemic-era stimulus funds.
What Happens Next?
Mr Oloyede’s sentencing is expected later in 2025, where he could face several years in U.S. federal prison depending on sentencing guidelines and the terms of his plea agreement.
Legal experts suggest that his full cooperation, including asset forfeiture and no-contest plea, may help reduce his sentence. However, given the scale of the fraud, substantial prison time remains likely.
Implications for Nigeria and Traditional Institutions
The case has also ignited conversations in Nigeria about accountability for traditional rulers and public figures engaged in international fraud.
Critics are calling for the Nigerian government to review his chieftaincy status and ensure stronger vetting processes for individuals who hold cultural leadership roles while engaging in foreign financial systems.
Final Thoughts
Joseph Oloyede’s fall from grace—from a respected monarch in Osun State to a convicted felon in the U.S.—is a stark reminder of how global financial crimes carry severe consequences, regardless of one’s status.
With over $4.2 million in relief funds misappropriated during a time of global crisis, his conviction serves as a cautionary tale for those who seek to exploit vulnerable systems.
