Nigerian monarch living in Ohio sentenced to federal prison in $4.2 million tax fraud scheme

A man living in Cleveland who is also a traditional ruler of the Nigerian city Ipetumodu will be spending the next several years behind bars.

Joseph Oloyede, a 62 year-old Nigerian native (and also a monarch over the Nigerian city Ipetumodu) who was recently living in Cleveland was sentenced to 56 months (four years and eight months) in federal prison last week for creating a scheme that fraudulently obtained $4.2 million in pandemic stimulus funds intended for small businesses.

Oloyede, who holds dual U.S. citizenship and lived in Medina, is also forced to repay more than $4 million and surrender his Medina home, which was purchased using the proceeds of the scheme.

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According to federal investigators, Oloyede and his co-conspirator, Willoughby resident Edward Oluwasanmi, conspired to submit fraudulent applications for pandemic relief loans from April 2020 to February 2022.

Additionally, Oloyede submitted applications in the name of clients (while working as a tax professional) and received 15-20 percent kickbacks for obtaining loans for them. These were not reported as part of his income to the IRS.

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