By Abiola Olawale
A monarch in Osun State, Apetu of Ipetumodu, Oba Joseph Oloyede and a Nigerian Pastor, Edward Oluwasanmi, are now facing a potential prison sentence after they pleaded guilty to a COVID-19 relief fraud in the United States.
The duo faces potential prison sentences after allegedly defrauding the U.S. government of $4.2 million in COVID-19 relief funds meant for struggling businesses during the pandemic.
Recall that the Apetu of Ipetumodu was indicted to have committed the alleged fraud by the FBI in April 2024.
Oba Oloyede, a U.S.-based accountant and information systems expert before his 2019 enthronement, and Oluwasanmi were alleged to have falsified applications for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) under the U.S. Coronavirus Aid, Relief, and Economic Security (CARES) Act between April 2020 and February 2022.
According to court documents, the duo allegedly used fake tax and wage documents to secure $3.76 million, which was diverted for personal use, including property purchases and other expenses.
The COVID-19 relief fund fraud was said to involve Oloyede’s companies, Available Tax Services Incorporated, Available Financial Corporation, and Available Transportation Company, and Oluwasanmi’s businesses, Dayspring Transportation Limited, Dayspring Holding Incorporated, and Dayspring Property Incorporated.
Both men faced 13 counts, including conspiracy to commit wire fraud, money laundering, and engaging in monetary transactions with criminally derived property.
Meanwhile, on April 10, 2025, Oluwasanmi pleaded guilty to three counts, admitting to using fraud proceeds to buy a commercial property in South Euclid, Ohio, and transferring $1 million to a brokerage account.
In the said counts, Oluwasanmi was accused of using some of the proceeds of the fraud to purchase a commercial property on 422 South Green Road, South Euclid, Ohio, through a wire transfer and transferring money into Dayspring transportation brokerage account.
“Guilty plea entered to counts 1, 11 and 12 of the indictment. Plea agreement executed. Sentencing set for July 2, 2025, at 10am in Courtroom 9A. Defendant’s bond to continue with same conditions as previously ordered,” the document reads in part.
It was also gathered that the Apetu of Ipetumodu entered a guilty plea.On Monday, April 21, Oba Oloyede submitted his guilty plea before the court.
The sentencing of the duo has now been scheduled for July 2, 2025, before Justice Christopher Boyko at the U.S. District Court in Ohio.
