The Oyo Empire article claims that this empire still exists. Is this true?

According to Dierk Lange, professor of African History at the University of Bayreuth, Germany, yes.

Cool. They must have some awesome postage stamps.

Many of these states still exist:

http://en.wikipedia.org/wiki/Nigerian_traditional_states

Looks like there are still some Oyo monarchs rattling around. Reminds me of Indian Rajahs.

The issue is that, as you guys pointed out, some of the leaders still exist and the people do. Personally, I wouldn't really consider that a continuation of the Oyo Empire, but of the Oyo people. But it's really just an opinion thing, since it can go both ways.

Obviously, it's not a sovereign political entity, and hasn't been for a long time. There's a traditional ruler who plays a symbolic role for his people, but there isn't any "empire".

There was a big shake-up in local government in England and Wales last century and lots of boroughs got abolished. To ease the wounded civic pride of these places, they made a provision that former boroughs could have powerless councils that could appoint mayors who would continue to use the mayoral regalia. Maybe Nigeria has similarly allowed a phantom empire to remain in existence with a powerless emperor?

It's a tough call. I think it's kind of misleading to say that an empire exists when it lacks any geographic borders, military, or power to collect taxes. On the other hand, the people are there and they seem to have some sort of organization and official recognition.

At any rate, it's an interesting story. That guy doing the research should try to write a book.