Court Postpones Arraignment Of Dubai-Based Businessman Over N460.75m Fraud

Justice Ibrahim Ahmad Kala of the Federal High Court in Lagos has fixed October 5, 2026, for the arraignment of a Dubai-based businessman, Austin Albert, and his associate, Jinadu Musbau Olalekan, over alleged forgery, money laundering and a N460.75 million fraud.

Albert is the Managing Director and Chief Executive Officer of Loft and Keys Ltd and Loft & Keys LLC, Dubai.

The defendants were initially scheduled to take their plea on July 23, but the arraignment was again stalled following the absence of the first defendant, Albert.

At the resumed proceedings on Wednesday, counsel to the Inspector-General of Police, G.T. Nev, informed the court that an amended five-count charge had been filed on July 13, 2026, pursuant to Section 216 of the Administration of Criminal Justice Act (ACJA), 2015.

Nev told the court that the matter was fixed for the arraignment of both defendants, but Albert was absent.

Counsel to the defendants, Abdulhakeem Adio, apologised for his client’s absence, explaining that Albert was currently undergoing major surgery in Dubai. He also informed the court that discussions were ongoing to resolve the dispute out of court.

The prosecution, however, challenged the explanation, noting that no medical report had been presented to substantiate the claim that the first defendant was undergoing surgery.

The prosecutor also said he was unaware of any move by the parties to settle the matter amicably.

Adio had earlier raised an objection to the amended charge but later withdrew it following the court’s intervention.

Following the submissions of counsel, Justice Kala adjourned the matter to October 5, 2026, for the arraignment of both defendants.

The Inspector-General of Police instituted the charge, marked FHC/LAG/CR/388/2026, accusing Albert and Olalekan of conspiracy, money laundering, forgery, unlawful transfer of funds and intimidation.

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 the account of New Power Energy and Logistics Services without the consent or authority of the company’s founder and Chief Executive Officer, who is also a signatory to the account.

The prosecution further alleged that the defendants procured, forged and used the CEO’s signature to create a mandate that enabled the transfer of the funds.

Albert was also accused of threatening the complainant in February 2026 in a bid to compel her to relinquish either 10 per cent of her 50 per cent shareholding or her entire ownership interest in Premiere Immigration and Advisory Limited.

He was further alleged to have contacted the complainant’s friends and business associates, urging them to pressure her into surrendering control of the company or face unspecified consequences.

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