From throne to prison:Nigerian King Sentenced to 56 Months in U.S. Prison for $4.2 Million COVID-19 Fraud
Oba Joseph Olugbenga Oloyede, 43, was sentenced by U.S. District Judge Steven D. Grimberg in the Northern District of Georgia. The monarch, who resides in Lawrenceville, Georgia, pleaded guilty to the charges of wire fraud and money laundering in October 2023.
According to court documents and evidence presented during the proceedings, Oloyede engaged in a sophisticated fraud operation between 2020 and 2021. He submitted over 80 fraudulent applications for Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans. These applications were made on behalf of fictitious businesses with fabricated payroll expenses and tax documents.
His scheme successfully defrauded the U.S. Small Business Administration (SBA) and various financial institutions of approximately $4.2 million in funds earmarked for struggling businesses during the pandemic. Following his prison term, Oloyede was ordered to serve three years of supervised release and to pay restitution in the amount of $4,235,074.
U.S. Attorney Ryan K. Buchanan stated that the sentence reflects the seriousness of exploiting a national emergency for personal gain. The case was investigated by the Federal Bureau of Investigation (FBI) and the Internal Revenue Service Criminal Investigation (IRS-CI). The monarch’s dual life as a Nigerian king and a Georgia resident who orchestrated a significant fraud scheme has drawn international attention to the pervasive issue of COVID-19 relief fund fraud.
