The Attorney-General of the Federation (AGF), Prince Lateef Fagbemi (SAN), has taken over the prosecution of a N460.75 million fraud case involving the Managing Director/Chief Executive Officer of Loft and Keys Limited 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 for further investigation.

Counsel to the AGF, Aderonke Umana, told Justice Ibrahim Kala that the AGF had directed her to take over the prosecution from the police.

But Justice Kala said the directive alone could not formally effect the change of prosecution.

The judge directed the AGF’s office to file the necessary legal processes for the court to formally recognise the takeover. He adjourned the case till November 17 for the prosecution to file the required processes.

Earlier, 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 it.

Nev said the withdrawal was based on the directive of the Inspector-General of Police (IGP) to enable further investigation into the allegations.

But Umana informed the court that the AGF had directed her office to take over the prosecution and assured the court that the necessary applications would be filed to regularise the proceedings.

The IGP filed the suit 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 not entered their pleas.

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 its 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 CEO, who was also a signatory to the account.

The police boss also accused Albert and Olalekan of procuring, forging, and using the CEO’s signature to create a mandate that facilitated the alleged transfer.

The prosecution also alleged that Albert threatened the CEO in February 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 contravene the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, the Miscellaneous Offences Act and the Criminal Code Act.

The police had filed an amended charge on July 13, pursuant to Section 216 of the Administration of Criminal Justice Act, 2015, paving the way for the defendants’ arraignment.

The matter first came before Justice Kala on June 7, when July 23 was fixed for arraignment. The arraignment was later stalled because Albert was not in court, prompting the judge to direct the defence to ensure his presence at the next sitting.

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.

The matter will come up on November 17 for consideration of the processes formally effecting the change in prosecution. (The Nation)