AGF Takes Over N460.75m Fraud Case as Arraignment Is Stalled

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

 The development stalled the defendants’ arraignment on Monday at the Federal High Court in Lagos after the court was informed that the police had filed a notice seeking to withdraw the case to allow for further investigation.

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

 The judge, however, said the directive alone was insufficient to formally effect the change in prosecution. He directed the AGF’s office to file the necessary legal processes before the court could recognise the takeover.

 The police prosecutor, G.T. Nev, told the court that the case had been scheduled for the defendants’ arraignment but that the police had filed a notice seeking to withdraw the matter. He said the withdrawal followed a directive from the Inspector-General of Police to enable further investigation into the allegations.

 Umana subsequently informed the court that the AGF had directed her to assume responsibility for the prosecution and undertook to file the required applications.

 Justice Kala adjourned the matter until November 17, 2026, for the prosecution to file the necessary processes.

 The case, marked FHC/LAG/CR/388/2026, was filed by the Inspector-General of Police against Albert and Olalekan in a five-count amended charge involving alleged money laundering, forgery, unlawful transfer of funds and intimidation. The defendants have yet to enter their pleas.

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

 The prosecution alleges that the transaction was carried out without the consent or authorisation of the company’s founder and Chief Executive Officer, who was also a signatory to the account.

 Albert and Olalekan are also accused of allegedly procuring, forging and using the CEO’s signature to create a mandate that facilitated the transfer.

 The prosecution further alleges that Albert threatened the complainant 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 is also accused of allegedly contacting the complainant’s friends and business associates and asking them to pressure her to relinquish control of the company.

 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, under Section 216 of the Administration of Criminal Justice Act 2015, paving the way for the proposed arraignment.

 The case first came before Justice Kala on June 7, with July 23 fixed for the defendants’ arraignment. The arraignment was subsequently delayed after Albert was absent from court.

 With the AGF now seeking to formally assume prosecution of the matter, the case has been adjourned to November 17 for the court to consider the relevant processes.