US COURT GRANTS APETU $20,000 BAIL

A U.S. federal judge, Christopher Boyko from the Northern District of Ohio, has allowed the Apetu of Ipetumodu, Oba Joseph Olugbenga Oloyede, to be released on a $20,000 bail following his arrest for defrauding the U.S. government of $4.2 million in COVID-19 relief funds.

Judge Boyko mandated the confiscation of both Mr. Oloyede’s U.S. and Nigerian passports while he awaits trial, which could extend over several months.

In Ipetumodu, Osun State, Nigeria, the absence of the monarch has caused concern as he has not been present for significant traditional ceremonies crucial to the community’s spiritual health.

U.S. authorities accuse the 62-year-old king, who is also an accountant, of conspiring with others to secure fraudulent relief loans intended for businesses during the 2020 COVID-19 crisis. He is alleged to have falsified documents to obtain these funds, taking a fee for his assistance in the process. Instead of using the money for intended purposes like payroll and debts, investigations revealed he used it for personal gain. Upon returning to the U.S. in 2024, unaware of the charges against him, Oba Oloyede was arrested in Bedford Heights by FBI Special Agent Brett Zuck. He faces charges including conspiracy to commit wire fraud, wire fraud, and money laundering. The FBI is also working to seize assets related to the fraud.