The Economic and Financial Crimes Commission today arraigned a former chairman of the Independent National Electoral Commission, Profesor Maurice Iwu, over alleged fraud of​ laundering N1.23billion​ on four counts before the Federal High Court in Lagos.

In the charges,​ the anti graft agency 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 Ebele Jonathan.​​

​Iwu​, between December 2014 and March 27, 2015, was alleged to have aided the concealment of N1.23billion in the account of Bioresources Institute of Nigeria Limited with number 1018603119, domiciled in the United Bank for Africa., the money he ought to have reasonably known to him that the N1.23billion​ formed part of proceeds of an unlawful act, to wit: fraud.”

The EFCC​ prosecuting counsel for​ Mr Rotimi Oyedepo stated​ that the offence committed by the ex-INEC chairman is​ 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, Iwu pleaded not guilty to the charge.

​ Consequently Mr Oyedepo urged the court to fix​ a trial date and issue an order remanding Iwu​ in prison.

​However, Iwu’s lawyer, Mr Ahmed Raji SAN,​ told​ the court​ that he had filed a bail application on behalf of his client, which had been served on the prosecution.​​
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Oyedepo,​ who said he only got a copy of the bail application in court this​ morning, told the Court that he intended to oppose the bail application,therefore, needed time to study it.

By mutual agreement of the two parties, the presiding Judge,, Justice Chuka Obiozor adjourned till tomorrow​ to take arguments on the bail application.​​
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Meanwhile, Mr​ Raji SAN urged the judge to order that Iwu be either returned to the custody of the EFCC or released to him to produce him in court on his (Raji’s) honour and integrity.

But Oyedepo opposed both options, arguing that having been arraigned, the proper place to remand Iwu was the prison custody.

However, Raji insisted that having been kept in the EFCC custody in the last five days, “heaven will not fall if he was kept there for another one day.”

Earlier, while saying that Iwu’s freedom was important to him, Mr Raji told the court that though he was billed to travel to Saudi Arabia on Friday, he is stepping down his​ journey for Iwu’s liberty.”

He urged the judge to note Iwu’s “age and pedigree.”
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In his ruling, Justice Obiozor ordered that Iwu be returned to EFCC custody and produced before him​ tomorrow ( Friday) for the hearing of his bail application.