Nigerian pastor Edward Abiodun Oluwasanmi has been arrested by the FBI for allegedly conspiring with Osun monarch, Oba Joseph Oloyede, to defraud the U.S. government of $4.2 million in COVID-19 relief funds.
Authorities say Oluwasanmi submitted forged documents to access loans meant for struggling businesses during the pandemic. Instead of using the funds appropriately, he allegedly diverted them for personal use, violating U.S. federal laws.
Investigations revealed that Oluwasanmi used three companies—Dayspring Property Incorporated, Dayspring Holdings, and Dayspring Transportation—to secure fraudulent loans. Prosecutors say he was indicted on a 13-count fraud charge and arrested in Cleveland in April 2024 before being released on a $20,000 bail.
Further financial investigations uncovered a wire transfer of $221,880 in September 2020 for a commercial property purchase in Ohio. On October 26, 2021, he reportedly transferred $1 million in relief funds to a brokerage account linked to Dayspring Transportation.
The U.S. government has already seized approximately $620,000 from Oluwasanmi and is pushing for the forfeiture of other assets linked to the fraudulent proceeds.
On April 5, 2024, the FBI seized $599,250 from his Dayspring Transportation account with Fidelity Investments. An additional $20,000 was taken from his Dayspring Property account at Key Bank the same day.
As part of his bail conditions, both his U.S. and Nigerian passports were confiscated to prevent him from fleeing. His U.S. passport lists his full name as Edward Olanrewaju Abiodun Oluwasanmi. Failure to appear in court could result in immediate re-arrest.
Meanwhile, authorities revealed that Oba Joseph Oloyede, the Apetu of Ipetumodu, was arrested in May 2024 after being declared missing in March. He now faces serious fraud charges alongside Oluwasanmi in the U.S. District Court for the Northern District of Ohio.
Court records show that Oloyede, also a U.S. citizen, allegedly orchestrated a scheme using six registered companies to obtain relief loans fraudulently.
He reportedly submitted false tax records and wage statements to qualify for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL).
Documents indicate that in June 2020, Oloyede secured over $100,000 in fraudulent loans for four of his six companies. In October 2021, he received two loans worth $500,000 each for JO&A and Available Transportation.
Investigators believe Oloyede assisted co-conspirators in executing similar fraud schemes, charging them a percentage of the loan amount after disbursement.
On April 3, 2024, a grand jury indicted both Oloyede and Oluwasanmi on charges of conspiracy, wire fraud, and money laundering.
Prosecutors allege that between April 2020 and February 2022, they fraudulently obtained over $4.2 million in relief funds. Reports indicate that Oloyede pocketed $1.7 million for his businesses and another $1.3 million from falsified loan applications for co-conspirators.
As investigations continue, the FBI remains committed to holding all involved accountable.
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