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BREAKING: $4.2m COVID-19 Fraud: Osun Monarch Jailed For Four Years In US
The Apetu of Ipetumodu in Osun State, Oba Joseph Oloyede, has been sentenced to more than four years in prison in the United States.
Oloyede, 62, who holds dual U.S. and Nigerian citizenship and resides in Medina, Ohio, was on August 26 handed 56 months in prison by U.S. District Judge Christopher A. Boyko.
According to the U.S. Attorney’s Office for the Northern District of Ohio in a statement on Tuesday, the monarch, was also ordered to “serve three years of supervised release after imprisonment and pay $4,408,543.38 in restitution.
“He also forfeited his Medina home on Foote Road, which he had acquired with proceeds of the scheme, and an additional $96,006.89 in fraud proceeds investigators had seized,” the statement read.
The U.S. Attorney’s Office said Oloyede led a conspiracy to exploit COVID-19 emergency loan programmes created for struggling businesses.
“From about April 2020 to February 2022, Oloyede and his co-conspirator, Edward Oluwasanmi, conspired to submit fraudulent applications for loans that were made available through the U.S. Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act,” the statement read.
In April, the duo pleaded guilty to wire fraud and tax fraud charges linked to a pandemic relief scam that siphoned over $4.2m in federal stimulus funds.
The court was told that Oloyede, who also worked as a tax preparer, “operated five businesses and one nonprofit, while Oluwasanmi owned an additional three business entities.
“Both defendants used their businesses to submit loan applications using false information.
“They obtained approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities,” the statement added.
According to investigators, “Oloyede submitted fraudulent PPP and EIDL applications in the names of some of his clients and their businesses.
“In exchange, Oloyede would receive 15-20% of their loans as the fee, or kickback, for obtaining the loans for them, without reporting this income to the IRS on his own tax returns.”
The funds were then used for personal gain, prosecutors said.
“Investigators learned that the defendant used funds obtained from these loans to acquire land and build a home and purchase a luxury vehicle,” the U.S. Attorney’s Office disclosed.
In all, Oloyede “caused the SBA to approve 38 fraudulent applications, amounting to $4,213,378 in disbursed loans and advances.”
His co-conspirator, Oluwasanmi, 62, of Willoughby, was earlier sentenced in July to 27 months in prison.
He was also ordered to pay more than $1.2 million in restitution, forfeit a commercial property purchased with fraud proceeds, and surrender more than $600,000 held in financial accounts.
The U.S. Attorney’s Office emphasized the significance of the conviction, noting that the case was jointly investigated by the Department of Transportation Office of the Inspector General, the FBI Cleveland Division, and IRS-Criminal Investigations as part of the Pandemic Response Accountability Committee Fraud Task Force.
“This case was prosecuted by Assistant United States Attorneys Edward D. Brydle and James L. Morford for the Northern District of Ohio,” the release concluded.
Aliko Dangote, Chairman of Dangote Industries, through his legal representative, has formally submitted a corruption petition to the Economic and Financial Crimes Commission (EFCC) against Farouk Ahmed, the former Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
This was disclosed in a statement made available to our correspondent by the Dangote Group media team on Friday.
Recall that Dangote had earlier petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate Ahmed for allegedly spending $5 million on his children’s secondary education in Switzerland. He withdrew the petition a few days ago, even as the ICPC vowed to continue with its investigation.
The statement on Friday said Dangote’s petition to the EFCC followed “The withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission, a strategic decision aimed at accelerating the prosecution process.”
In the petition, signed by Lead Counsel Dr O.J. Onoja, Dangote urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed, and to prosecute him if found culpable.
The petition further stated that Dangote would provide evidence to substantiate claims of financial misconduct and impunity.
“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624) 337,” the petition read.
Onoja further urged the commission, under the leadership of Mr Olanipekun Olukoyede, “To investigate the complaint of abuse of office and corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”
The Rivers State House of Assembly formally recommenced impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu.
This marks the second time within ten months that the state legislature has initiated such a move.
At a plenary session presided over by the Speaker, Martins Amaewhule, the Majority Leader of the House, Major Jack, formally read the notice detailing allegations of gross misconduct against Governor Fubara.
The notice, which was endorsed by 26 lawmakers, accused the governor of actions allegedly in violation of the Nigerian Constitution.
Amaewhule announced that the notice would be served on the governor within the next seven days.
During the same sitting, the Deputy Majority Leader, Linda Stewart, read the notice of allegations and gross misconduct leveled against Deputy Governor Ngozi Oduh.
Breaking News
Supreme Court: President Has Power To Declare Emergency Rule, Remove Elected Officials
The Supreme Court has reaffirmed that the President holds the constitutional power to declare a state of emergency in any state where circumstances threaten public safety or governance.
According to the ruling, this authority may be exercised to prevent a serious breakdown of law and order or to stop conditions from deteriorating into chaos or anarchy.
The court emphasized that such powers are intended to safeguard national stability and ensure the continued functioning of democratic institutions when extraordinary situations arise.
It noted that emergency measures are justified only in exceptional cases where normal governance mechanisms are unable to effectively address escalating crises.
More details later…
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