The Attorney-General of the Federation has moved to take over the prosecution of a ₦460.75 million fraud case involving the Managing Director of Loft and Keys Ltd and Loft & Keys LLC, Dubai, Austin Albert, and his associate, Jinadu Olalekan.
The development emerged before the Federal High Court in Lagos, where the defendants were due for arraignment in a five-count amended charge bordering on alleged money laundering, forgery, unlawful transfer of funds and intimidation.
Counsel representing the Office of the Attorney-General of the Federation, Aderonke Umana, informed Justice Ibrahim Kala that she had been directed by the AGF to take over the prosecution from the police.
The police, however, had already filed a notice seeking to withdraw the matter to allow for further investigation.
Justice Kala declined to treat the AGF’s directive as automatically effecting a change of prosecution.
The court held that the Office of the Attorney-General must file the appropriate formal processes before it can be recognised as having taken over the case.
That procedural point gives the matter significance beyond the underlying allegations.
Under Nigerian criminal procedure, the Attorney-General possesses broad constitutional powers over public prosecutions, including the power to institute, take over and discontinue criminal proceedings. But those powers must still be exercised through recognisable court processes.
What the defendants are accused of
The case, marked FHC/LAG/CR/388/2026, concerns an alleged transfer of ₦460.75 million belonging to Premiere Immigration and Advisory Limited.
Prosecutors allege that the money was transferred from the company’s Globus Bank account into an account operated by New Power Energy and Logistics Services without the consent of the company’s founder and Chief Executive Officer.
The defendants are also accused of procuring and using an allegedly forged signature to facilitate the transaction.
Albert additionally faces allegations that he attempted to pressure the complainant into surrendering part or all of her shareholding in the company.
These remain allegations. The defendants have not yet entered pleas, and no finding of guilt has been made.
The matter has now been adjourned until 17 November 2026 for the prosecution to regularise the processes relating to the AGF’s takeover.
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Source: Punch Newspapers
