Osun Vacates Ipetumodu Stool as Adeleke Deposes Monarch Over US Fraud Conviction

OSOGBO – Governor Ademola Adeleke of Osun State has officially approved the deposition of Oba Joseph Olugbenga Oloyede as the Apetumodu of Ipetumodu, effectively declaring the ancient stool vacant.

​The executive action, finalized on May 7, 2026, followed the receipt of a Certified True Copy (CTC) of a judgment from the United States District Court for the Northern District of Ohio, which convicted the monarch for his lead role in a massive pandemic-related financial crime.

​From Palace to Prison

​The deposition marks the end of a long-standing controversy surrounding the monarch’s dual life. On August 26, 2025, U.S. District Judge Christopher A. Boyko sentenced the 62-year-old Oloyede—a naturalized American citizen—to 56 months (nearly five years) in federal prison.

​The court found Oloyede guilty of spearheading a scheme that defrauded the U.S. Small Business Administration (SBA) of approximately $4.2 million in COVID-19 relief funds. Between 2020 and 2022, while serving as a traditional ruler in Osun, Oloyede operated a tax preparation business in Medina, Ohio, where he falsified wage documents and tax returns to secure 38 fraudulent pandemic loans.

​Preserving the Integrity of the Stool

​A statement issued on Monday by the Governor’s Spokesperson, Olawale Rasheed, emphasized that the decision was necessary to “preserve the honour and integrity of the royal stool.”

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​The government had previously resisted calls for immediate action based solely on social media reports, instead opting to write to the Ohio court for official documentation to ensure due process.

​”The fraudulent conduct of Oba Joseph Oloyede… and his public trial and conviction have brought the institution of Obaship and the stool of Apetumodu of Ipetumodu to disrepute and public odium,” the Deposition Order read.

​Next Steps for Ipetumodu

​With the withdrawal of the Staff of Office and other instruments of authority, the Ministry of Local Government and Chieftaincy Affairs has been directed to initiate the process for appointing a successor.

​Governor Adeleke has appealed for calm among the residents of Ipetumodu and Ife North Local Government Area, urging the ruling houses to remain law-abiding as the community prepares for a new chapter in its leadership.

​In addition to his prison sentence, Oloyede was ordered by the U.S. court to pay $4.4 million in restitution and forfeit property in Ohio acquired with the proceeds of the fraud.

​Nigerian Monarch Sentenced for $4.2M COVID-19 Fraud

​This video provides background on the initial guilty plea and the impact of the $4.2 million COVID-19 relief fraud scandal on the Ipetumodu community.