A Federal High Court sitting in Ikoyi, Lagos, has, Friday, granted the former Chairman of the Independent National Electoral Commission, INEC, Prof. Maurice Iwu bail in the sum of N1 billion.
The Economic and Financial Crimes Commission, EFCC, had arraigned Prof. Maurice Iwu on a four-count charge bordering on money laundering.
The former INEC boss was alleged to have between December 2014 and March 2015, aided the concealment of the sum of N1,203,000,000 .
The Court had ordered the remand of Professor Iwu, in the custody of EFCC, till today Friday to hear his bail application.
Trial judge, Justice Chuka Obiozor, had ordered the remand of Iwu after his plea was taken on four-count bordering on money laundering charge made against him.
EFCC had arraigned Iwu before the court on charges bordering on aiding and concealment of N1.203 billion, which was said to be proceed of unlawful act.
He was alleged to have between December 2014 and March 27, 2015 used his company, Bioresources Institute of Nigeria, BION, Limited, whose account with number 1018603119 is domiciled in United Bank for Africa, UBA, Plc.
The EFCC also alleged that Iwu and a lawyer, Victor Chukwuani, retained the sum of N407 million, said to be proceed of unlawful act, in BION Limited’s account No. 1018603119 domiciled in UBA to commit the alleged fraud.
The offences, according to the prosecution, are contrary to sections 18(a) and 15(2) (a) of Money Laundering Prohibition Act, 2011 (as amended) and punishable under Section 15 ( 3) of the same act.”