Oba Joseph Olugbenga Oloyede, the embattled traditional ruler of Ipetumodu in Osun State, Nigeria, has been ordered by a U.S. federal court to forfeit millions of dollars in assets to the American government after pleading guilty to charges connected to a $4.2 million COVID-19 relief fraud scheme.
The 62-year-old monarch, who also holds American citizenship, was indicted in April 2024 alongside fellow Nigerian-American Edward Oluwasanmi. The duo was accused of orchestrating an extensive scheme to defraud the U.S. Small Business Administration (SBA) of pandemic relief funds.
According to Peoples Gazette, the ruling was handed down on May 5, 2025, by Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio, who issued a Preliminary Order of Forfeiture authorising the seizure of high-value assets tied to the convicted king.
The order followed a plea bargain entered by Oloyede on April 24, 2025, in which he pleaded guilty to 13 counts, including wire fraud conspiracy, money laundering, and defrauding a federal relief programme. In exchange for a reduced sentence, Oloyede also waived his right to appeal or seek restitution.
Among the assets listed for forfeiture is a residential property in Medina County, Ohio, purchased in May 2021 under his wife’s name, Sherri Oloyede. Also included is $96,006.89 held in a JP Morgan Chase bank account under the name Joseph Oloyede and Associates Ltd. Though the property was registered in his wife’s name, the couple voluntarily waived their right to contest the forfeiture as part of the plea deal.
Oba Oloyede now faces sentencing, where he could receive significant jail time under federal sentencing guidelines. The case also casts a dark cloud over his future as a traditional ruler in Nigeria, with legal and cultural consequences expected to follow.
