The Attorney-General of the Federation (AGF) has assumed control of a high-profile alleged fraud case valued at N460.75 million. The case involves Austin Albert, Managing Director and Chief Executive Officer of Loft and Keys Ltd and Loft & Keys LLC, Dubai, and his associate, Jinadu Musbau Olalekan. This development occurred just as the defendants were scheduled to appear before the Federal High Court in Lagos.
The AGF's office has been instructed to file the necessary legal processes to formally take over the prosecution from the police. Aderonke Umana, representing the AGF's office, informed Justice Ibrahim Kala of this development. The police prosecutor, G. T. Nev, had earlier told the court that the police sought to withdraw the case to enable further investigation into the allegations against the defendants.
The case, marked FHC/LAG/CR/388/2026, was instituted by the Inspector-General of Police (IGP) against Albert and Olalekan on a five-count amended charge. The charges include alleged money laundering, forgery, unlawful transfer of funds, and intimidation. 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. The funds were transferred from the company's Globus Bank account into an account operated by New Power Energy and Logistics Services without the consent or authority of the company's founder and Chief Executive Officer.
The prosecution alleged that Albert and Olalekan procured, forged, and used the CEO's signature to create a mandate that facilitated the alleged transfer. Additionally, Albert was accused of threatening the CEO in February 2026 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.
The alleged offences are said to contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. The court has adjourned the case till November 17, 2026, to allow the AGF's office to regularize the proceedings. Ebun Adegboruwa, SAN, represented the first defendant, while Ogechi Abu appeared on a watching brief for the nominal complainant.
The takeover by the AGF's office stalled the arraignment of the defendants, and the court directed the AGF's office to file the necessary processes. The case raises concerns about corporate governance and financial malfeasance in Nigeria. Key legal practitioners and stakeholders will be monitoring the case as it progresses.
Key points
- The Attorney-General of the Federation has taken over the prosecution of a N460.75 million alleged fraud case.
- The case involves Austin Albert, Managing Director of Loft and Keys Ltd, and his associate, Jinadu Musbau Olalekan.
- The alleged offences contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
