N1.23bn Fraud: Court Grants Maurice Iwu N1bn Bail

BY CHINYERE OBIORA, LAGOS – A Federal High Court sitting in Ikoyi, Lagos on Friday, granted the former Chairman of the Independent National Electoral Commission (INEC), Professor Maurice Iwu, bail in the sum of N1 billion.

The Economic and Financial Crimes Commission (EFCC) is arraigning Prof Iwu on a four-count charge bordering on concealment, fraud and money laundering to the tune of N1.2bn.

The anti-graft agency alleged that the former boss of Nigeria’s electoral umpire between December 2014 and March 2015, aided and abetted the concealment of the sum of N1,203,000,000 .

The alleged sum was in the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa (UBA) Plc.

The said amount is reasonably suspected to be part of the N23.29b slush fund allegedly distributed by former Minister of Petroleum, Diezani Allison-Madueke, to influence the outcome of the 2015 presidential elections, which then President Good luck Ebele Jonathan lost to the All Progressives Congress (APC) candidate, General Muhammad Buhari

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

In his submission, the prosecution Counsel for the EFCC, Rotimi Oyedepo,  said there was evidence of the possibility of the defendant intimidating or interfering with the witnesses if he was granted bail, and therefore, urged the court to use its discretion in refusing the bail application.

After listening to both sides, Justice Chuka Obiozor however granted the bail while requesting for two sureties and insisting that Mr Iwu must not communicate with any of the witnesses.

Until the bail conditions are fulfilled, Prof Iwu is to be remanded in the Ikoyi prison.