US Charges Nigerian Monarch, Pastor Over $4.2M COVID Loan Fraud
Oba Joseph Oloyede, the traditional ruler of Ipetumodu in Osun State, and a Nigerian pastor, Edward Oluwasanmi, have pleaded guilty to federal charges in the United States related to a $4.2 million COVID-19 relief scam. The duo, arrested in early 2024, are now facing possible prison terms after their guilty pleas in a Cleveland, Ohio court.
Oloyede, a U.S.-based accountant and tech expert before ascending the throne in 2019, allegedly used his businesses—including Available Tax Services Inc., Available Financial Corporation, and Available Transportation Company—to fraudulently secure pandemic relief loans. Similarly, Pastor Oluwasanmi reportedly exploited entities like Dayspring Transportation and Dayspring Holding to funnel money into personal accounts.
Between 2020 and 2022, they submitted fake applications for Paycheck Protection Program (PPP) and Economic Injury Disaster Loans under the CARES Act using falsified tax and payroll documents. These programs were intended to support struggling small businesses during the pandemic.
Court filings show the two men secured roughly $3.76 million through deceitful means. Oluwasanmi used some of the funds to purchase commercial real estate and transfer large sums into business accounts. He officially entered his guilty plea on April 10, 2025, while Oba Oloyede followed suit on April 21.
