Sacred Crown, Dirty Money: Nigerian Monarch in $4.2M U.S. Fraud Scandal!

How do we even begin to explain this? A whole traditional ruler allegedly caught in a multimillion-dollar fraud scandal?

What does this make him—the Wire-Wire Oba or the Yahoo-Yahoo Oba?

Anyways, it’s all still alleged. But according to reports, the FBI has arrested the Apetu of Ipetumodu, a traditional ruler from the Ife North Council Area of Osun State, for allegedly defrauding the U.S. government of $4.2 million in COVID-19 relief funds.

Funny thing is, while the FBI had him in custody, back in his hometown, people were still expecting him to resume his royal duties. He had been absent since 2024, missing three major traditional festivals. So yes, his people back home were thrown into a serious state of worry. What could have happened to our monarch?

Perhaps they thought he was holidaying somewhere in the Bahamas. At some point, they might have even considered putting up Missing Oba posters around town! (Just kidding.)

But no, Oba wasn’t in the Bahamas, nor was he kidnapped—he was in a place they least expected: inside the U.S. criminal investigation system.

And hold on a minute, does the Oba always do the clubbing thing when he’s in Nigeria, having the best chics around him—the fat, slim, dark, fair, big backside and all? And does he do the dorime?

Just kidding! Let’s check out the fraud allegations… As we said, they are all allegations, and he could be clear of them

Fraud Allegations and FBI Investigation

According to Sahara Reporters, the monarch is facing a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio. U.S. court documents reveal that he was arrested on May 4th after a warrant was issued for his apprehension.

The FBI accuses him of fraudulently obtaining loans through six registered companies under his name. These loans required applicants to submit tax records, wage statements, and other financial documents to prove eligibility. However, investigators allege that he manipulated these records and diverted the funds for personal use—an act that constitutes a federal crime.

Breakdown of the Alleged Fraudulent Transactions

According to official reports:

• In June 2020, he allegedly secured over $100,000 in loans for four of his businesses: Available Tax Services, Available Tutors, Available Financial, and Available Transportation.

• On October 7, 2021, he reportedly received a $500,000 loan for JO&A, followed by another $500,000 loan two days later for Available Transportation.

But wait, there’s more! Investigators claim that the monarch didn’t act alone. Allegedly, he assisted co-conspirators in executing similar fraudulent schemes, helping them submit falsified loan applications in exchange for a percentage of the funds once disbursed.

Formal Charges and Indictment

On April 3, 2024, a grand jury in the Northern District of Ohio indicted Oba Oloyede and his associate, Edward Oluwasanmi, on charges of:

• Conspiracy

• Wire Fraud

• Money Laundering

Prosecutors claim that between April 2020 and February 2022, they fraudulently secured over $4.2 million in relief funds from the U.S. Small Business Administration (SBA).

Of this amount:

• $1.7 million allegedly went directly to the monarch’s businesses.

• $1.3 million was obtained using falsified loan applications on behalf of his associates.

Ongoing Federal Investigation

This case has attracted the attention of multiple U.S. federal agencies, including:

• The FBI

• The Internal Revenue Service (IRS) Criminal Investigation Unit

• The U.S. Department of Transportation’s Office of Inspector General (DOT-OIG)

The case falls under the Pandemic Response Accountability Committee’s (PRAC) Fraud Task Force, which was established to uncover fraudulent misuse of COVID-19 relief funds.

For now, these remain allegations until proven in court. But if convicted, this could go down as one of the most shocking financial fraud cases involving a traditional ruler.

A royal legacy built on culture—or cash-outs? We’ll have to wait and see how this plays out.