Oba Joseph Olugbenga Oloyede, Oloyede Latimogun I (born 1962), is the 27th traditional ruler of Ipetumodu, a town in the Ife North Local Government Area of Osun State, Southwest Nigeria. He is also a U.S.-based university lecturer and tax consultant.
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Life and Education
Joseph Oloyede earned his elementary and West African Senior School Certificate Examination from Christ Church 11 and C&S Secondary School in Ipetumodu.
He proceeded to The Polytechnic Ibadan, where he obtained an Ordinary National Diploma (OND) in Business Administration, followed by additional undergraduate studies. He also attended Enugu State University of Science and Technology from 1997 to 1997, where he obtained a Master of Business Administration (MBA).
Oba Joseph Oloyede was at Argosy University Sarasota, Florida, United States, from 1998 to 1999 for a Master of Business Administration. He also earned a Doctor of Business Administration (DBA) from the same institution in 2011, specializing in Accounting and Information Systems, according to his LinkedIn profile.
After working briefly in accounting and tax consulting, he transitioned to academia, eventually rising to the rank of professor in accounting.
Working Experience
Before relocating to the United States, Joseph Oloyede worked briefly with First Bank of Nigeria. In the U.S., he worked with KeyCorp and KeyBank National Association, in Cleveland, Ohio.
He has taught at several U.S.-based universities, including the University of Phoenix, Arizona; Northcentral University, San Diego, California; and Indiana Wesleyan University, Marion, Indiana.
Membership in Professional Bodies
Joseph Oloyede is a member of several professional bodies across accounting, management, and fraud detection in both Nigeria and the United States. Some of these include the Institute of Chartered Accountants of Nigeria (ICAN), the American Accounting Association, the Institute of Management Accountants, and the Association of Certified Fraud Examiners.
Ascendancy to the Throne
The Osun State Government, under Governor Gboyega Oyetola, approved Oba Joseph Oloyede’s appointment as the new traditional ruler of Ipetumodu on October 26, 2019. He succeeded Oba James Adegoke (Akunradoye II), who passed away in November 2017.
In November 2022, Oba Oloyede was promoted to the rank of deputy chairman, Osun State traditional council, making him one of the first class traditional rulers in the state.
Lover of education
The traditional ruler and Apetu of Ipetumodu is the founder of several schools and companies spread across Lagos and the Federal Capital Territory (FCT), Abuja. He owns Oloye Comprehensive College, Sari Iganmu, Lagos; Sunfab College, Alafia Bus-Stop, Lagos; SUNFAB Educational Services Ltd, and Oloye Comprehensive College, Abuja among others.
Controversy and Fraud Allegations
Controversy
When Joseph Olugbenga Oloyede was chosen as the 27th Apetu, other ruling houses, particularly the one led by Prince Biodun Oloyede (a member of the same family), alleged that the new Oba purchased the throne using influence and money.
He also alleged that the head of the four kingmakers in the community, Chief Sunday Adedeji, favoured Joseph Oloyede over other candidates for the throne. However, the issue subsided following the intervention of the Ooni of Ife.
In 2019, the tax consultant and university lecturer received the state government’s endorsement and was crowned as the 27th traditional ruler of Ipetumodu, assuming the title “Oloyede Latimogun I.”
Fraud Allegations
Barely five years after ascending the throne, Oba Joseph Oloyede found himself under investigation by the U.S. Federal Bureau of Investigation (FBI) over fraud allegations related to COVID-19 relief funds in 2020.
According to a publication circulated on April 3, 2024, across major U.S. government websites, including the Office of Inspector General (OIG), Oba Joseph Oloyede (61), along with Edward Oluwasanmi (61), was arrested and is being investigated for fraudulently obtaining over $4.2 million in COVID-19 relief funds.
The COVID-19 funds, part of the financial aid guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, include Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs).
Oba Oloyede and his accomplice were charged with conspiracy, wire fraud, and money laundering in the U.S. District Court for the Northern District of Ohio, amounting to over $4.2 million.
These charges have been reported under headlines such as “Two Ohio Individuals Indicted and Arrested for CARES Act Fraud” and “Medina and Cleveland Men Charged with Fraudulently Obtaining $4.2 Million in COVID Relief Funds.“
The pair allegedly committed the fraud between April 2020 and February 2022 by submitting fake PPP and EIDL applications.
Major fraud units in the U.S. continue their investigation, while some admirers of the Oba in his hometown of Ipetumodu claim that he (the Oba) was only in the U.S. for work. However, major media houses, including The Punch, which first broke the story in its February 13, 2025 publication, have covered the allegations.
Additionally, findings show that Oba Joseph Oloyede has missed several major traditional festivals in his domain since 2024, coinciding with the start of the U.S. government’s investigation into the COVID-19 fraud allegations against him.