Nigerian monarch Joseph Oloyede receives a slap on wrist for $4.2M Ohio pandemic loan fraud scheme
Posted: Thu Aug 28, 2025 2:57 pm
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MEDINA, OHIO — A Nigerian monarch residing in Medina was sentenced to prison Tuesday for creating and leading a multi-million dollar conspiracy to fraudulently obtain federal loans.
Joseph Oloyede, 62, is a naturalized U.S. citizen and holds the position of monarch in Ipetumodu, Nigeria, according to the U.S. Attorney’s Office for the Northern District of Ohio. He pleaded guilty in April to one count of conspiracy to commit wire fraud, three counts of engaging in monetary transactions in criminally derived property and two counts of making and subscribing a false tax return.
Court documents show that from about April 2020 to February 2022, Oloyede led a scheme to fraudulently obtain dozens of loans made available through federal programs, which he carried out with his co-conspirator, 62-year-old Willoughby resident Edward Oluwasanmi.
Oloyede and Oluwasanmi submitted the fraudulent applications to the U.S. Small Business Administration, taking advantage of loans and grants programs, like the Paycheck Protection Program and Economic Injury Disaster Loan program, meant for small businesses that suffered from financial hardship due to the COVID-19 pandemic.
Federal agents determined Oloyede acted as a tax preparer and owned five businesses and a nonprofit. Oluwasanmi, his tax client, owned three businesses and all were incorporated in Ohio. They used their businesses and false information to acquire $1.2 million from the SBA for Oluwasanmi and $1.7 million for Oloyede.
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