460.7 Million Forgery And Money Laundering Case Suffers Setback As Principal Defendant, Austin Ugochukwu Albert, Fails To Appear, Cites Unsubstantiated Major Surgery Claim in Dubai, as FIDA Watches Closely.
FEDERAL HIGH COURT, IKOYI LAGOS JUDICIAL DIVISIONBEFORE: HON. JUSTICE I. A. KALAN
A high-stakes criminal trial involving alleged forgery and the diversion of N460,750,000 took a dramatic turn this week at the Federal High Court, Ikoyi, Lagos, after the principal defendant failed to appear in court, citing a medical emergency abroad without producing any supporting documentation.
The matter, Inspector General of Police v. Austin Ugochukwu Albert & 2 Others, is being prosecuted by G. T. Nev, Esq. of the Directorate of Legal Services, Nigeria Police Force Headquarters, Abuja, before Hon. Justice I. A. Kala.
The Allegations:
At the heart of the case is Mr. Austin Ugochukwu Albert, popularly known as Austin Albert, a Nigerian businessman with interests in, and a Chief Executive Officer of a Dubai-based real estate firm, Loft & Keys Properties LLC. Also joined in the charge is Mr. Jinadu Musbau Olalekan, Head of Finance at a Lagos-based an advisory firm jointly owned by Albert and a female partner who serves as the company’s Chief Executive Officer.
According to the charge sheet, on March 6, 2026, the sum of N460,750,000 was allegedly transferred out of the company’s account domiciled with Globus Bank Plc, without the knowledge or consent of the CEO. The funds were said to have been moved into an account belonging to New Power Energy and Logistics Services. The prosecution alleges that Austin Albert and the Head of Finance conspired to effect the transfer and further forged the CEO’s signature to authorize it.
A third defendant originally listed, Ms. Ugumanim Okputu Joana Agwu, an Executive Assistant to Albert, had faced a separate count relating to assault. That count was however struck out by the prosecution after it was determined that the court lacked jurisdiction to hear it together with the financial offences. The offences are brought pursuant to the Money Laundering (Prevention and Prohibition) Act, 2022, the Miscellaneous Offences Act, and the Criminal Code Act. It must be emphasized that these remain allegations. None of the defendants has been convicted, and each is presumed innocent until proven guilty by a court of competent jurisdiction.
Court Proceedings:
When the case was called this week, the courtroom was filled to capacity, but the dock was not. The first defendant, Austin Albert, was absent. Counsel for the 1st and 3rd defendants, Malam Abdul-Hakeem Adio, informed the court that his client had recently undergone major surgery in Dubai. However, no medical report or any documentary evidence was tendered to substantiate the claim. The prosecution was quick to highlight the inconsistency. G. T. Nev, Esq. reminded the court that at the last adjourned date, the defence had merely stated that Austin Albert was “out of the country,” with no reference to any health challenge. The sudden emergence of a surgery narrative, he argued, without any proof, raised concerns. In the interest of justice and fair hearing, Justice Kala declined to proceed in the absence of the principal defendant. The court, exercising judicial discretion, adjourned the matter to October 5, 2026 for arraignment, directing that both remaining defendants, Austin Albert and Jinadu Musbau Olalekan, must be present.
FIDA’s Presence And The Defence’s Position:
In attendance was a delegation from the International Federation of Women Lawyers, Nigeria (FIDA), led by Barr. Ogechi Abu, with Barrs. Phil Nneji, Chioma Porom, and Kemi Ogunnaike. Also on a watching brief for the norminal complainant is Barrs. OLUNIYI ADEDIJI ESQ, of J – K GADZAMA LLP.
Speaking after proceedings, Barr. Abu stated that FIDA was present “to observe proceedings in the case between the Inspector-General of Police and Austin Albert and others.” She noted the amendment of the charge which led to the dropping of the second defendant, and drew attention to the defence’s shifting explanations regarding Austin Albert’s absence. “At the last adjourned date, there was no mention of any medical indisposition,” she said. “Today, we are hearing of major surgery, yet without a medical report to show the nature of it to the court.” Barr. Abu added that FIDA’s interest stems from the fact that “the nominal complainant in this case is a female,” and that the protection of women’s rights falls within the organization’s core mandate. She commended the court for its cautious approach in adjourning the matter.
Responding, defence counsel, Malam Adio, dismissed suggestions that the case involved violence against women. “If you look at the entire charge sheet, the common thread is forgery,” he argued. “This matter has nothing to do with violence against a woman.” On the issue of settlement, Adio disclosed that discussions for an amicable resolution were ongoing between the parties. “We came to court today expecting that path, only to be met with an amended charge this morning,” he said. He expressed optimism that “by the next hearing, a resolution may well be in sight.”
What Happens Next:
With the amended charge now listing only Austin Albert and Jinadu Musbau Olalekan as defendants, all eyes will be on the October 5 adjourned date. The court will expect both men to appear for arraignment, and for the defence to produce the promised medical documentation. Whether the ongoing settlement talks will yield results before then remains to be seen, a development that FIDA and other court observers say they will be monitoring closely.
