Police, court clear Austin Ugochukwu Albert of $667,000 fraud allegations

The Nigeria Police Force Special Fraud Unit and the Federal High Court of Nigeria have fully exonerated businessman Austin Ugochukwu Albert and his associated companies of all allegations of fraud linked to a $667,000 transaction, bringing to a close a case that stemmed from what investigators described as a ‘misinterpretation of legitimate foreign exchange dealings.’

The matter, which led to the temporary freezing of several business accounts, was thoroughly investigated by the Special Fraud Unit (SFU) of the Nigeria Police Force. According to official findings placed before the court, investigators found no evidence of money laundering, fraud, terrorism financing, corruption, or any other criminal activity connected to the funds in question.

The police findings were contained in an ‘Affidavit of Facts’ filed in Suit No: FHC/L/CS/586/2020 before the Federal High Court. The affidavit stated that the alleged fraud involving $667,000 across the affected accounts could not be substantiated and that the funds were not traceable to any unlawful activity.

Investigators clarified that the transactions under scrutiny arose from legitimate foreign exchange brokerage operations. Mr. Albert was identified as a licensed financial broker and Bureau De Change operator who sources FX from various suppliers and sells to customers in the ordinary course of business.

In excerpts from the affidavit sworn by Inspector Friday Shaibu of the Police Special Fraud Unit, the investigative team stated: “Our investigation did not establish a case of money laundering against the respondents… none of the funds could be traced to any criminal activity.”
The affidavit further explained that the second respondent, Austin Ugochukwu Albert, operated the accounts in question as part of his licensed forex brokerage and Bureau De Change activities. According to the police, the accounts were used to source FX from multiple individuals and subsequently sell to interested buyers who constituted his clients.

Following the submission of the police report, the court moved to address the restrictions earlier placed on the accounts.
On July 23, 2020, Justice A.O. Faji of the Federal High Court, Lagos Judicial Division, reviewed the investigative findings and held that there was no basis to sustain the previous order restricting the accounts. In line with the police report clearing Albert and his firm, Tasmara Integrated Services, alongside other associated businesses, the court lifted the freeze placed on the accounts.

The ruling effectively brought an end to the legal and investigative proceedings surrounding the $667,000 transaction, restoring full operational control of the accounts to Albert and his companies.
The case highlights the scrutiny often faced by operators within Nigeria’s financial services sector, particularly in foreign FX transactions where large sums and multiple counterparties are involved. Authorities noted that the investigation was conducted comprehensively to ensure regulatory compliance and to rule out any potential financial crimes before arriving at their conclusion.

With the matter now resolved, Mr. Albert has resumed full business operations. According to associates, he has refocused on expanding his interests across the financial services and real estate sectors, maintaining that the episode has reinforced his commitment to transparency and regulatory compliance.
The exoneration marks the end of what had been a protracted legal process. Both the police and the Federal High Court’s decisions affirm that no criminal wrongdoing occurred in connection with the disputed funds.

Observers say the outcome underscores the role of due process in resolving financial crime allegations and the importance of thorough investigations in distinguishing legitimate commercial activities from suspected infractions.
For Mr. Albert and his firms, the rulings provide formal closure and a legal affirmation of innocence, allowing him to continue his professional activities without the shadow of unresolved fraud claims.