From throne to prison: How Osun monarch’s COVID-19 loan scam ended in US jail

The Apetu of Ipetumodu, Oba Joseph Oloyede,
has been sentenced by a U.S. court to 56 months in prison over a
$4.2m COVID-19 relief loan fraud, sparking debates
in Osun State and beyond.
[X, formerly Twitter and Andrew Leyden/Getty Images]

For Nigerian youths, the story is a reminder that fraud (“yahoo yahoo”) may look glamorous in the short term but often ends in disgrace, loss of reputation, and imprisonment.

The recent sentencing of Oba Joseph Olugbenga Oloyede, the Apetu of Ipetumodu in Nigeria's Osun State, to 56 months in a U.S. federal prison has sent shockwaves through both his community and the traditional institution of kingship in Nigeria.

His conviction for his role in a multi-million dollar COVID-19 loan fraud scheme represents a rare and significant case, highlighting the growing intersection of traditional authority and modern-day financial crime.

By Segun Adeyemi

Full story at Pulse NG