MAURICE IWU: GRANTED N1 BILLION BAIL CONDITION
The former Chairman of Independent National Electoral Commission, Prof. Maurice Iwu, has been granted bail to the tune of N1 billion with two sureties as condition by the Federal High Court, Lagos.
Justice Chuka Obiozor of federal High Court who reeled the bail condition also said that the Iwu is not allowed to communicate with any of the witnesses.
It will be recalled that the Economic and Financial Crimes Commission (EFCC) on Thursday arraigned former chairman of the Independent National Electoral Commission for an alleged fraud of N1.23bn.
EFCC in her charges had said
In the charges, the EFCC alleged that Iwu committed the offence in the build-up to the 2015 General Elections in which President Muhammadu Buhari defeated the then incumbent President Goodluck Jonathan.
According to the EFCC, Iwu, between December 2014 and March 27, 2015, “aided the concealment of N1.23bn in the account of Bioresources Institute of Nigeria Limited with number 1018603119, domiciled in the United Bank for Africa.”
The EFCC said Iwu “ought to have reasonably known that the N1.23bn formed part of proceeds of an unlawful act, to wit: fraud.”
The prosecuting counsel for the EFCC, Mr Rotimi Oyedepo, told the court that the ex-INEC chairman acted contrary to Sections 18(a) and 15 (2) (a) of the Money Laundering ((Prohibition) Act 2011 and was liable to be punished under Section 15(3) of the same Act.
When the charges were read to him, however, Iwu pleaded not guilty.
Meanwhile, Iwu’s lawyer, Mr Ahmed Raji (SAN), had filed a bail application on behalf of his client, which has been granted with strong conditions.
