Joseph Olugbenga Oloyede: Profile, career path, net worth, controversies

Oba Joseph Olugbenga Oloyede, also known as Latimogun I, is the 27th Apetumodu of Ipetumodu, a historic town in Ife North Local Government Area of Osun State, Nigeria.

A tax consultant and professor by training, he ascended the throne in November 2019 following the passing of Oba James Adedokun Adegoke in 2017.

Profile summary

Name: Joseph Olugbenga Oloyede

Born: December 7, 1962

State of origin: Osun

Tribe: Yoruba

Education: Enugu State University of Science and Technology

Relationship status: Married

Career: Finance expert

Early life

Born on December 7, 1962, Oloyede comes from a distinguished royal lineage.

He is of Yoruba descent and a native of Ipetumodu in Osun State, Nigeria.

His father, Peter Olalekan Oloyede, was from the Latimogun Compound of Ipetumodu, while his mother, Florence Aderiyike Oloyede (née Akinleye), came from the Jagun Alagbe Compound.

Academic background

Joseph began schooling at Christ Church II and later attended C & S Modern Commercial Secondary School in Ipetumodu before furthering his studies at Catholic Technical College, Ile-Ife.

He obtained a National Diploma in Accountancy from The Polytechnic, Ibadan, then went on to earn a Master of Business Administration in Banking and Finance from Enugu State University of Science and Technology between 1995 and 1997.

In 1998, he moved to the United States where he earned another MBA in International Business at the University of Sarasota, Florida, and later completed a Doctor of Business Administration in Accounting at Argosy University, Sarasota, in 2011.

Career path

Oloyede worked with First Bank of Nigeria (Merchant Bank) and John Holt Financial Merchant Bank before relocating to the United States, where he joined Key Bank as Assistant Vice President of Financial Planning and Analysis between 2001 and 2007.

He later transitioned into academia, lecturing at Indiana Wesleyan University and serving as Associate Faculty at the University of Phoenix, where he eventually rose to the rank of professor of accounting.

Over the course of his career, he became a member of the Institute of Chartered Accountants of Nigeria, the American Accounting Association, the Institute of Management Accountants, and the Association of Certified Fraud Examiners.

Ascension to the throne

A prince of the Aribile Ruling House of Latimogun Compound, Oloyede was selected by the four kingmakers of Ipetumodu, though his selection was contested by rival claimants.

Despite court challenges, his appointment was ratified by then-Governor Gboyega Oyetola on October 26, 2019, and he was crowned in November of the same year.

On November 25, 2022, he was appointed Deputy Chairman of the Osun State Traditional Council.

As monarch, one of his notable acts was the conferment of the title of Oluomo of Ipetumodu on Femi Adesina, former Special Adviser on Media to President Muhammadu Buhari.

Personal life

Oba Oloyede is married to Olori Tejumade Adetola Oloyede, and together they have children.

Ọba Joseph Oloyede together with wife, Tejumade Adetola

Despite being a traditional ruler, he strongly identifies with his Christian faith and often prefers to be addressed as a pastor.

Controversies

His emergence as king sparked disputes, with some contestants alleging that the head of the kingmakers manipulated the process in his favor. The matter went to court but was eventually settled in his favor.

In April 2024, U.S. federal authorities indicted Oba Oloyede alongside Pastor Edward Oluwasanmi for a $4.2 million COVID-19 relief fund fraud.

The indictment alleged they submitted falsified documents to obtain funds under the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) scheme between 2020 and 2022.

He was arrested and charged with conspiracy to commit wire fraud and related offenses.

In February 2025, the U.S. District Court for the Northern District of Ohio released him on bail of $20,000 after seizing his travel documents. On April 21, 2025, he pleaded guilty to some of the 13 charges.

On August 27, 2025, U.S. District Judge Christopher A. Boyko sentenced him to 56 months in prison, followed by three years of supervised release.

He was also ordered to pay $4,408,543.38 in restitution. The conviction left his throne and influence in Nigeria under intense scrutiny.

Recognitions

Oba Joseph Olugbenga Oloyede has earned commendations for academic excellence in teaching at Indiana Wesleyan University and the University of Phoenix in the United States.

His professional career also brought him recognition during his service in Nigeria’s banking sector, particularly with First Bank of Nigeria and John Holt Merchant Bank.

In 2019, he was installed as the 27th Apetumodu of Ipetumodu, a historic milestone that further elevated his standing.

By November 2022, he rose to the position of Deputy Chairman of the Osun State Traditional Council, cementing his influence in traditional leadership.

Beyond Nigeria, Oba Oloyede has been honored within the Nigerian diaspora in the United States for his role in promoting Yoruba culture and heritage.

He is also celebrated in Ipetumodu as the first Apetumodu to attain a Doctorate in Business Administration (DBA).

Net worth

Prior to his legal challenges, his net worth was estimated at around $2 million and $3 million.