Nigerian monarch jailed in US over $4.2M Covid-19 fraud

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 on Tuesday by a US District Judge, the US Attorney’s Office for the Northern District of Ohio said in a statement.

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.