The Attorney-General of the Federation has taken over the prosecution of a N460.75m fraud case against the Managing Director/Chief Executive Officer of Loft and Keys Ltd and Loft & Keys LLC, Dubai, Austin Albert, and his associate, Jinadu Olalekan.
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The takeover stalled the defendants’ arraignment on Monday as the Federal High Court in Lagos was informed that the police had already filed a notice seeking to withdraw the case to allow for further investigation.
Counsel for the Office of the AGF, Aderonke Umana, told Justice Ibrahim Kala that she had been directed by the AGF to take over the prosecution from the police.
But the judge insisted that the directive could not, on its own, effect the change in prosecution, directing the AGF’s office to file the necessary legal processes before the court could formally recognise the takeover.
When the case was called, the police prosecutor, G.T. Nev, said the matter had been scheduled for the arraignment of the defendants but disclosed that the police had filed a notice seeking to withdraw the case.
Nev said the withdrawal was based on the instruction of the Inspector-General of Police to enable the police to conduct further investigation into the allegations.
Umana, however, informed the court that the AGF had directed her to take over the prosecution.
“The Attorney-General of the Federation has directed me to take over the prosecution of this matter,” she told the court.
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Justice Kala then asked whether the AGF’s office had filed any formal process notifying the court of the takeover.
The counsel assured the court that the necessary applications would be filed and sought a short adjournment to enable the AGF’s office regularise the proceedings.
“We will file the necessary applications to regularise the proceedings,” Umana said.
Following the submissions, Justice Kala adjourned the case until 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.
The defendants have yet to enter their pleas.
At Monday’s proceedings, Umana appeared for the AGF’s office, while Ebun Adegboruwa (SAN) represented the first defendant. Ogechi Abu appeared on a watching brief for the nominal complainant, while Nev represented the police.
According to the amended charge, the defendants allegedly conspired on March 6, 2026, to fraudulently transfer and convert N460.75m 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 also accused of procuring, forging and using the CEO’s signature to create a mandate that facilitated the alleged transfer.
The prosecution further 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 also 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 police had earlier filed an amended charge on July 13, 2026, pursuant to Section 216 of the Administration of Criminal Justice Act, 2015, paving the way for the arraignment.
The matter first came before Justice Kala on June 7, when July 23 was fixed for the defendants’ arraignment.
The arraignment did not hold 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 AGF now taking over the prosecution, the case was adjourned until November 17, 2026, for the court to consider the processes to be filed formally effecting the change in prosecution.
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