Nigerian pastor Edward Oluwasanmi and monarch Joseph Oloyede face U.S. fraud charges for a $4.2M COVID-19 relief scam, FBI confirms
[dropcap]A[/dropcap] Nigerian pastor, Edward Abiodun Oluwasanmi, and an Osun monarch, Oba Joseph Oloyede, have been arrested by the FBI for allegedly defrauding the U.S. government of $4.2 million in COVID-19 relief funds.
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Oluwasanmi, who used his businesses—Dayspring Property Incorporated, Dayspring Holdings, and Dayspring Transportation—to obtain fraudulent loans, was arrested in Cleveland in April.
He secured millions of dollars by submitting falsified documents and diverting the funds for personal use, violating U.S. federal laws.
Following his indictment on a 13-count fraud charge, he was released on a $20,000 bail.
Court records reveal that in September 2020, Oluwasanmi transferred $221,880 to purchase commercial property in Ohio.
Additionally, on October 26, 2021, he moved $1 million in COVID-19 relief funds to a brokerage account linked to his company, Dayspring Transportation.
The FBI seized a total of $620,000 from Oluwasanmi, including $599,250 from his Fidelity Investments account and $20,000 from his Key Bank account on April 5, 2024.
To prevent his escape, authorities confiscated both his U.S. and Nigerian passports, warning that he would face immediate re-arrest if he failed to appear in court.
Meanwhile, Oba Joseph Oloyede, the Apetu of Ipetumodu in Osun State, was also arrested in the U.S. after being reported missing in March 2024.
The monarch, who is also a U.S. citizen, is facing similar charges in the Northern District of Ohio.
Investigations reveal that Oloyede operated six companies, including Available Tax Services, Available Tutors, Available Financial, and Available Transportation.
He allegedly falsified tax and wage documents to secure fraudulent loans from federal relief programs such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL).
In June 2020 alone, he obtained over $100,000 in loans, and in October 2021, he secured two $500,000 loans within 48 hours.
Prosecutors claim Oloyede not only defrauded the system for his own benefit but also assisted co-conspirators in filing fraudulent applications, charging them a percentage of the loan amount upon disbursement.
A federal grand jury indicted both Oloyede and Oluwasanmi on April 3, 2024, on charges of conspiracy, wire fraud, and money laundering.
Between April 2020 and February 2022, the duo allegedly stole over $4.2 million in relief funds, with Oloyede pocketing $1.7 million for his businesses and another $1.3 million through fraudulent applications for associates.
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The case remains under investigation as the FBI continues to track the full extent of their fraudulent operations.
