The Federal High Court in Lagos has ordered the Economic and Financial Crimes Commission, EFCC, to detain former chairman of the Independent National Electoral Commission, INEC, Prof. Maurice Iwu till Friday, August 9th for hearing of his bail application.
Iwu was arraigned before the court this morning by the EFCC on a four-count charge of concealment, fraud and money laundering of N1.2billion.
In the charge sheet filed against the former INEC Chairman, the EFCC alleged that Professor Iwu aided the concealment of the sum of N1, 203,000,000 between December 2014 and March 2015. The said sum was in the bank account of Bio-resources Institute of Nigeria Limited domiciled in the United Bank for Africa, UBA Plc.
When the charges were read to him, Iwu pleaded not guilty.
The presiding Judge, Professor Chuka Obiozor adjourned the case till tomorrow for the hearing of his bail application and ordered his detention in EFCC’s custody.
He was appointed Chairman of the Independent National Electoral Commission in June 2005 and was removed from office in April 2010.