N1.2bn Fraud: Court Grants Ex-INEC Chairman, Iwu Bail

A Federal High Court sitting in Ikoyi, Lagos has granted bail to a former Chairman of the Independent National Electoral Commission, INEC, Prof. Maurice Iwu.

Iwu was granted bail by Justice Chuka Obiozor to the tune of one billion naira and two sureties and that he must not communicate with any of the witnesses in the case.

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The former INEC boss is facing four charges of concealment, fraud and money laundering to the tune of N1.2bn, to which he has pleaded not guilty.

In the charge, the Economic and Financial Crimes Commission, EFCC alleged that Professor Iwu aided the concealment of the above sum between December 2014 and March 2015.

The money is believed to be part of the N23.29b slush funds allegedly shared by former Petroleum Minister, Diezani Allison-Madueke, to influence the outcome of the 2015 presidential elections.

Professor Iwu had, however, pleaded not guilty to the charges, and his lawyer, Ahmad Raji (SAN) had asked the court to grant him bail on the grounds of self-recognizance and secondly on liberal terms.

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Maurice Iwu is a Nigerian Professor of Pharmacognosy who was appointed Chairman of the Independent National Electoral Commission (INEC) in June 2005, and was removed from office in April 2010.

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