Alleged Money Laundering: Court Grants Iwu N1bn Bail

*Orders ex-INEC chair to be remanded in prison custody pending fulfilment of bail conditions

A Federal High Court in Lagos has granted former chairman of the Independent National Electoral Commission, Prof Maurice Iwu, who was charged with an alleged fraud of N1.23bn, bail in the sum of N1billion with two sureties in like sum.

Iwu, who was arraigned at the Federal High Court sitting in Lagos on a four-count charge bordering on money laundering, was ordered by Justice Chuka Obiozor Thursday to be remanded in the custody of the Economic and Financial Crimes Commission (EFCC) pending the hearing of his application for bail.

Ruling on his bail application Friday, Justice Obiozor said, one of the sureties must own a landed property in Lagos while the other must be a professor or a civil servant not below Grade Level 16.

The judge said both sureties must furnish the court with the statement of their bank accounts, showing a minimum balance of N1billion.

The judge also ordered Iwu to deposit his passport with the Deputy Chief Registrar of the court.

Judge Obiozor further ordered that Iwu should be remanded in prison custody pending the fulfillment of th bail conditions.

The former INEC chairman was alleged to have between December 2014 and March 2015, aided the concealment of the sum of N1.2billion. The said sum was in the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa PLC.