A Nigerian monarch has been jailed for four years in the US for leading a scheme to exploit COVID-19 emergency loan programmes that were created for struggling businesses.
Joseph Oloyede, 62, had pleaded guilty in April to three charges including conspiracy to commit wire fraud and engaging in monetary transactions in criminally derived property.
He was handed 56 months in prison by a US District Judge, the US Attorney’s Office for the Northern District of Ohio said in a statement, TRT Afrika reported.
Oloyede holds Nigerian and US citizenship and resides in Medina, Ohio. He holds the position of a traditional ruler in the city of Ipetumodu in Nigeria’s Osun state.
Forfeit home
“He also forfeited his Medina home on Foote Road, which he had acquired with proceeds of the scheme,” the statement said.
He was also ordered to pay $4.4 million in restitution.
The crimes were committed from about April 2020 to February 2022.
Oloyede and his co-conspirator were accused of submitting fraudulent applications for loans that were made available through a programme meant to aid small businesses that suffered financial hardship during the pandemic.
They used false information to obtain millions of dollars from the program.
Oloyede used funds obtained from the loans to acquire land and build a home and purchase a luxury vehicle.
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