Proceedings in the alleged ₦460.75 million forgery and money laundering case involving businessman Austin Ugochukwu Albert suffered a setback at the Federal High Court, Ikoyi, Lagos, after the principal defendant failed to appear for arraignment, citing a major surgery in Dubai without presenting any medical evidence to support the claim.
The case, Inspector-General of Police v. Austin Ugochukwu Albert & 2 Others, is before Justice I. A. Kala and is being prosecuted by G. T. Nev, Esq. of the Directorate of Legal Services, Nigeria Police Force Headquarters, Abuja.
According to the prosecution, Albert, Chief Executive Officer of Dubai-based Loft & Keys Properties LLC, and Jinadu Musbau Olalekan, Head of Finance at a Lagos-based advisory firm jointly owned by Albert and its female Chief Executive Officer, are accused of conspiring to transfer ₦460,750,000 from the company’s Globus Bank Plc account on March 6, 2026, without the CEO’s knowledge or consent.
The prosecution further alleges that the defendants forged the CEO’s signature to authorize the transfer, with the funds allegedly moved into the account of New Power Energy and Logistics Services.
A third defendant, Ugumanim Okputu Joana Agwu, who had faced a separate assault charge, was removed from the case after the prosecution determined that the court lacked jurisdiction to hear that count alongside the financial offences.
The charges were filed under the Money Laundering (Prevention and Prohibition) Act, 2022, the Miscellaneous Offences Act, and the Criminal Code Act. The allegations remain before the court, and all defendants are presumed innocent until proven guilty.
When the matter came up for hearing, the courtroom was filled, but Albert was absent. His counsel, Malam Abdul-Hakeem Adio, informed the court that his client had recently undergone major surgery in Dubai. However, no medical report or supporting documents were presented.
The prosecution challenged the explanation, noting that at the previous sitting, the defence had only informed the court that Albert was out of the country, with no mention of any health condition.
Justice Kala declined to proceed in the absence of the principal defendant and adjourned the matter to October 5, 2026, directing that Austin Albert and Jinadu Musbau Olalekan must appear for arraignment.
The proceedings were monitored by a delegation from the International Federation of Women Lawyers (FIDA) Nigeria, led by Barr. Ogechi Abu, alongside Barr. Phil Nneji, Barr. Chioma Porom, and Barr. Kemi Ogunnaike. Also present on a watching brief for the nominal complainant was Barr. Oluniyi Adediji of J-K Gadzama LLP.
Speaking after the hearing, Abu said FIDA attended to observe the proceedings because the nominal complainant is a woman. She noted that while the defence now cited a major surgery, no such claim was made at the previous adjourned date and no medical evidence was presented to the court.
She commended the court’s decision to adjourn the matter, describing it as a step taken in the interest of fairness and due process.
Responding, defence counsel Adio maintained that the case centres on allegations of forgery and is not related to violence against women. He also disclosed that efforts were ongoing to reach an amicable settlement between the parties and expressed hope that progress could be made before the next hearing.
With the amended charge now naming only Austin Albert and Jinadu Musbau Olalekan as defendants, attention will shift to October 5, when both men are expected to appear in court. Observers will also be watching to see whether the defence produces the promised medical documentation and whether the reported settlement discussions produce any outcome.
