The FBI has arrested 60-year-old Pastor Edward Abiodun Oluwasanmi for allegedly conspiring with the Apetu of Ipetumodu, Oba Joseph Oloyede, to defraud the U.S. government of $4.2 million in COVID-19 relief funds.
According to U.S. prosecutors, Pastor Oluwasanmi submitted forged documents to apply for COVID-19 relief loans meant to support struggling businesses during the pandemic. He allegedly used three companies—Dayspring Property Incorporated, Dayspring Holdings, and Dayspring Transportation—to secure millions of dollars, which he then diverted for personal use in violation of U.S. federal laws.
Indictment and Legal Proceedings
In April 2024, a grand jury in the U.S. District Court for the Northern District of Ohio indicted both Pastor Oluwasanmi and Oba Oloyede on charges of conspiracy, wire fraud, and money laundering. Prosecutors allege that between April 2020 and February 2022, the duo fraudulently obtained over $4.2 million in Small Business Administration (SBA) relief funds.
Pastor Oluwasanmi was arrested in Cleveland, Ohio, and later released on a $20,000 bail. The court confiscated both his U.S. and Nigerian passports to ensure his compliance with ongoing legal proceedings. Authorities also seized approximately $620,000 from his bank accounts, including $599,250 from a Fidelity Investments account and $20,000 from a Key Bank account.
Osun Monarch’s Alleged Involvement
Oba Joseph Oloyede, the traditional ruler of Ipetumodu in Osun State, Nigeria, was reported missing in March 2024. However, it was later revealed that he was in FBI custody over the fraud case.
Investigators claim the monarch orchestrated fraudulent loan schemes using his six registered companies. In June 2020 alone, he reportedly secured over $100,000 in relief funds for four of his companies, followed by two $500,000 loans in October 2021. Prosecutors further allege that he assisted other fraudsters in obtaining fraudulent loans, taking a percentage of the funds upon disbursement.
Ongoing Investigation
The case remains under FBI investigation, with prosecutors seeking the forfeiture of all fraudulent proceeds. Further legal proceedings are expected in the coming months.
