“Court Adjourns Arraignment Of Loft & Keys CEO, Associate Over Alleged ₦460.75m Fraud” — Police Allege Forgery, Money Laundering, Unlawful Fund Transfer

The Federal High Court in Lagos has adjourned till October 5, 2026, the arraignment of the Managing Director and Chief Executive Officer of Loft & Keys Ltd and Loft & Keys LLC, Dubai, Austin Albert, and his associate, Jinadu Musbau Olalekan, over allegations of forgery, money laundering, unlawful transfer of funds and alleged ₦460.75 million fraud.

Justice Ibrahim Ahmad Kala fixed the new date after the planned arraignment could not proceed due to the absence of the first defendant, Albert.

The matter had earlier come before the court on June 7, after which July 23 was fixed for arraignment. At the previous sitting, the court directed defence counsel to ensure that Albert was present in court on the next adjourned date.

When the case was called on Thursday, G. T. Nev from the Force Headquarters, Abuja, appeared for the prosecution, while Abdulhakeem Adio represented the two defendants. Ogechi Abu of the International Federation of Women Lawyers, leading three other lawyers, appeared alongside Oluniyi Adeniyi of J-K Gadzama LLP for the nominal complainant.

The prosecution informed the court that it had filed an amended charge on July 13, 2026, pursuant to Section 216 of the Administration of Criminal Justice Act, 2015, and said the matter was scheduled for the defendants to take their plea.

Although the defence initially objected to the amended charge, the objection was later withdrawn after the court’s intervention.

Explaining Albert’s absence, Adio told the court that his client was outside Nigeria and was undergoing major surgery in Dubai. He apologised on Albert’s behalf and also informed the court that efforts were being made to settle the dispute out of court.

The prosecutor, however, argued that no medical report had been presented to support the claim that Albert was undergoing surgery. He also said the prosecution was not aware of any settlement discussions.

After hearing the parties, Justice Kala adjourned the matter to October 5, 2026, for arraignment.

The Inspector General of Police filed the five-count amended charge, marked FHC/LAG/CR/388/2026, against Albert and Olalekan.

According to the charge, Albert, of 212A Muri Okunola Street, Victoria Island, Lagos, and Olalekan, of 6B Uwadia Close, off Alhaji Karimu Street, Lekki, Lagos, allegedly conspired on March 6, 2026, to fraudulently transfer and convert ₦460,750,000 belonging to Premiere Immigration and Advisory Limited.

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

The prosecution also alleged that Albert contacted the complainant’s friends and business associates, urging them to pressure her into relinquishing control of the company or face unspecified consequences.

The prosecution also alleged that Albert contacted the complainant’s friends and business associates, urging them to pressure her into relinquishing control of the company or face unspecified consequences.

The alleged offences were said to contravene Section 18(2)(b), punishable under Section 18(3), of the Money Laundering (Prevention and Prohibition) Act, 2022; Section 1(2)(c) of the Miscellaneous Offences Act; and Sections 366(a) and 473(1) of the Criminal Code Act, punishable under Sections 366(f) and 473(2) of the same Act.