N460.75m Alleged Fraud: AGF Takes Over Prosecution from Police

Wale Igbintade

The Attorney-General of the Federation (AGF) has taken over the prosecution of a N460.75 million alleged fraud case involving the Managing Director/Chief Executive Officer of Loft and Keys Ltd and Loft & Keys LLC, Dubai, Austin Albert, and his associate, Jinadu Musbau Olalekan.

The takeover stalled their scheduled arraignment yesterday before the Federal High Court in Lagos, as the court directed the AGF’s office to file the appropriate legal processes to formally effect the change in prosecution.

Counsel representing the Office of the AGF, Aderonke Umana, told Justice Ibrahim Kala that she had been instructed by the AGF to take over the prosecution of the case from the police.

The development followed a submission by the police prosecutor, G. T. Nev, that the police had filed a notice seeking to withdraw the case to enable it conduct further investigation.

Nev told the court that the withdrawal was being sought on the instruction of the Inspector-General of Police (IGP) to allow for a detailed investigation into the allegations against the defendants.

Justice Kala, however, sought clarification on whether the AGF’s office had filed any formal process notifying the court of the takeover.

In response, Umana assured the court that the necessary processes would be filed and sought a short adjournment to enable the AGF’s office regularise the proceedings.

The judge consequently adjourned the case till November 17, 2026, for the prosecution to file the required processes.

The case, marked FHC/LAG/CR/388/2026, was instituted by the IGP against Albert and Olalekan in a five-count amended charge bordering on alleged money laundering, forgery, unlawful transfer of funds and intimidation.

At yesterday’s proceedings, Umana appeared for the Office of the AGF, while Ebun Adegboruwa, SAN, represented the first defendant.

Ogechi Abu appeared on a watching brief for the nominal complainant, while Nev represented the police.

The defendants have yet to enter their pleas to the allegations.

According to the amended charge, the defendants allegedly conspired on March 6, 2026, to fraudulently transfer and convert N460.75 million belonging to Premiere Immigration and Advisory Limited from the company’s Globus Bank account into an account operated by New Power Energy and Logistics Services.

The prosecution alleged that the transfer was made without the consent or authority of the company’s founder and Chief Executive Officer, who was also a signatory to the account.

Albert and Olalekan were further accused of procuring, forging and using the CEO’s signature to create a mandate that facilitated the alleged transfer.

The prosecution also alleged that Albert threatened the CEO in February 2026 in an attempt to compel her to surrender either 10 per cent of her 50 per cent shareholding or her entire interest in Premiere Immigration and Advisory Limited.

He was further accused of contacting the complainant’s friends and business associates and urging them to pressure her to relinquish control of the company or face unspecified consequences.

The alleged offences are said to contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, the Miscellaneous Offences Act and the Criminal Code Act.

The arraignment had earlier been fixed after the police filed an amended charge on July 13, 2026, pursuant to Section 216 of the Administration of Criminal Justice Act, 2015.

The matter initially came before Justice Kala on June 7, when July 23 was fixed for arraignment.

The arraignment did not proceed on that date because Albert was absent from court, prompting the judge to direct the defence to ensure his presence at the next sitting.

With the latest development, the case will now proceed under the direction of the AGF once the necessary processes formally effecting the takeover are filed before the court.