The Federal Bureau of Investigation (FBI) has arrested Nigerian pastor Edward Abiodun Oluwasanmi in the United States for allegedly defrauding the U.S. government of $4.2 million in COVID-19 relief funds. Authorities claim that Oluwasanmi conspired with Osun monarch Oba Joseph Oloyede in this scheme.
Oluwasanmi reportedly used his companies—Dayspring Property Incorporated, Dayspring Holdings, and Dayspring Transportation—to submit false documents and secure loans intended to support businesses during the pandemic. Instead of aiding struggling enterprises, he allegedly diverted these funds for personal use, violating federal laws.
In April 2024, the FBI arrested Oluwasanmi in Cleveland on a 13-count fraud indictment. He was released on a $20,000 bail. Investigations revealed that in September 2020, he transferred $221,880 to purchase commercial property in Ohio. Additionally, on October 26, 2021, he moved $1 million in relief funds to a brokerage account under Dayspring Transportation.
Authorities have seized approximately $620,000 from Oluwasanmi, including $599,250 from his Dayspring Transportation account with Fidelity Investments and $20,000 from his Dayspring Property account at Key Bank. Both his U.S. and Nigerian passports have been confiscated to ensure his presence during trial proceedings.
Oba Joseph Oloyede, the Apetu of Ipetumodu, was reported missing in March 2024 and later found in FBI custody. He faces a 13-count fraud indictment in the U.S. District Court for the Northern District of Ohio. The FBI alleges that Oloyede used six registered companies to obtain loans meant for businesses affected by the pandemic, falsifying documents and misusing funds for personal expenses.
Further investigations suggest that Oloyede, an accountant by profession, assisted co-conspirators in executing similar fraud schemes, charging them a percentage of the loan amount upon disbursement. On April 3, 2024, a grand jury indicted both Oloyede and Oluwasanmi for conspiracy, wire fraud, and money laundering, alleging they fraudulently obtained over $4.2 million in Small Business Administration-guaranteed relief funds between April 2020 and February 2022.
The FBI continues to investigate the extent of their involvement in the fraud scheme.
