N1.23Bn Fraud: EFCC Re-Arraigns Maurice Iwu
The Economic and Financial Crimes Commission (EFCC) has re-arraigned a former chairman of the Independent National Electoral Commission (INEC), Prof Maurice Iwu, for an alleged fraud of N1.23billion.
The commission re-arraigned Iwu on Thursday before Justice Nicholas Oweibo of the Federal High Court in Lagos on four counts of concealment, fraud and money laundering. His new arraignment follows the transfer of the case from Justice Chuka Obiozor of the same court.
EFCC alleged that Iwu aided the concealment of the sum of N1, 203,000,000 between December 2014 and March 2015.
The sum was said to be in the bank account of Bioresources Institute of Nigeria Limited and domiciled in the United Bank for Africa, UBA Plc.
EFCC’s counsel, Rotimi Oyedepo, told the court that the ex-INEC chairman acted 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.
Iwu, however, maintained his earlier stance by pleading not guilty.
Justice Oweibo permitted him to continue on the N1billion bail earlier granted him by Justice Obiozor.
The case was adjourned till November 25, 2019, for commencement of trial.