BREAKING: U.S. Court Orders Asset Forfeiture in $4.2M COVID-19 Relief Fraud Case Involving Nigerian Monarch

Joseph Oloyede, a Nigerian monarch and dual U.S. citizen, has been ordered to forfeit millions in cash and property following his conviction in a $4.2 million COVID-19 relief fraud case.

Oloyede, the Apetu of Ipetumodu in Osun State, Nigeria, pleaded guilty on April 24 to 13 counts of fraud. He now awaits sentencing, but ahead of that, the U.S. government filed a motion to seize assets linked to the case—a motion approved on May 5 by Judge Christopher Boyko of the U.S. District Court for the Northern District of Ohio.

Among the forfeited assets is a property in Medina County, Ohio, purchased in May 2021 under his wife, Sherri Oloyede’s name. As part of a plea deal intended to reduce his sentence, both Joseph and Sherri Oloyede agreed not to contest the forfeiture. Joseph Oloyede also waived his right to appeal the decision.

In addition, the court ordered the forfeiture of $96,006.89 from a JP Morgan Chase account belonging to Joseph Oloyede and Associates Ltd., which was also covered under the plea agreement.

Oloyede was arrested on May 4, 2024, after investigators uncovered his involvement in a scheme using six companies to fraudulently obtain COVID-19 relief loans. In June 2020 alone, he secured over $100,000 for four of these companies using falsified information. By October 2021, additional fraudulent loans totaling $1 million had been obtained through JO&A and Available Transportation.

His sentencing is scheduled for later this year.