The Osun State government has sacked the Apetu of Ipetumodu, Oba Joseph Oloyede, following his sentencing for more than four years in prison in the United States.
TheNewsGuru.com(TNG) reports that the Osun State government had weeks ago said it will only decide the monarch’s fate after his trial in the US.
Oba Oloyede was on Tuesday jailed 56 months by a US District Judge Christopher A. Boyko over $4.2m COVID-19 fraud.
The monarch, 62, was convicted on charges of conspiracy to exploit COVID-19 emergency loan programmes created for struggling businesses.
Oloyede holds dual U.S. and Nigerian citizenship and resides in Medina, Ohio.
In a statement by the U.S. Attorney’s Office for the Northern District of Ohio on Tuesday, the monarch, was also ordered to “serve three years of supervised release after imprisonment and pay $4,408,543.38 in restitution
“He also forfeited his Medina home on Foote Road, which he had acquired with proceeds of the scheme, and an additional $96,006.89 in fraud proceeds investigators had seized.
“From about April 2020 to February 2022, Oloyede and his co-conspirator, Edward Oluwasanmi, conspired to submit fraudulent applications for loans that were made available through the U.S. Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act,” the statement read.
