Attorney-General takes over N460.75m fraud case in Lagos

The Attorney-General of the Federation (AGF) has taken over the prosecution of a N460.75 million fraud case involving Austin Ugochukwu Albert and Jinadu Musbau Olalekan. The case, which was previously being handled by the Office of the Inspector-General of Police, was heard at the Federal High Court in Ikoyi, Lagos.

During the proceedings, the AGF’s legal counsel informed Justice Ibrahim Kala of the takeover. However, the judge noted that formal legal processes must be filed to officially recognize the change in prosecution. Simultaneously, the police prosecutor indicated that the police had filed a notice to withdraw the case to allow for further investigation under instructions from the Inspector-General of Police.

Arraignment was stalled as Austin Albert, the Managing Director of Loft and Keys Ltd, failed to appear in court for the third consecutive time. While his counsel previously cited being abroad or undergoing surgery in Dubai, the prosecution noted that no medical documentation had been provided to substantiate these claims. The defendants face a five-count charge including criminal conspiracy, forgery, money laundering, and criminal diversion of company funds. The court has adjourned the matter until November 17, 2026, to allow the AGF’s office to regularize the proceedings.