Apetu of Ipetumodu Seeks Leniency in $4.2M COVID-19 Fraud Case

In a U.S. court, a new plea for leniency has been submitted by the Apetu of Ipetumodu, Oba Joseph Oloyede, who has admitted his involvement in a $4.2 million COVID-19 relief fraud.

In a sentencing memorandum filed on Tuesday, August 19, 2025, the monarch’s legal team acknowledged his guilt but urged the court to consider the impact of the pandemic as a mitigating factor. The lawyers stated that COVID-19 affected people in different ways and that “conduct that we would never expect from ourselves or others sometimes manifested itself.”

Oba Oloyede, 62, was arrested by the U.S. Federal Bureau of Investigation (FBI) in May 2024. He is accused of using six companies to file fraudulent loan applications under the U.S. Paycheck Protection Programme and Economic Injury Disaster Loan schemes.

Court records indicate that the monarch, who had an unblemished record as a professor and banker, has shown remorse and taken full responsibility. U.S. prosecutors allege that part of the illicit funds were laundered through personal and business accounts, leading to the seizure of a property and more than $96,000.

Oba Oloyede, a father of six, is scheduled to be sentenced on August 26, 2025. His prolonged absence has left Ipetumodu without an active monarch, creating a leadership vacuum.

Source: African Publicity