A former Chairman of the Independent National Electoral Commission Prof. Maurice Iwu on Thursday, re-appeared before a Federal High Court in Lagos, in answer to a N1.2 billion fraud allegations.
Iwu is being prosecuted by the Economic and Financial Crimes Commission on four counts bordering on the offence.News Agency of Nigeria reports that the defendant had earlier been arraigned during the court’s vacation before Justice Chuka Obiozor.In the charges, the EFCC alleged that Iwu committed the offence in the build-up to the 2015 general elections.It said the defendant aided the concealment of N1.2 billion in the account of one Bioresources Institute of Nigeria Ltd.
The EFCC said that Iwu ought to have reasonably known that the money formed part of the proceeds of an unlawful act of fraud. EFCC prosecutor Mr Rotimi Oyedepo, said that the offence contravened the provisions of sections 15 and 18 of the Money Laundering Act 2011 Justice Oweibo allowed the defendant to continue on the N1billion bail earlier granted him by Justice Obiozor.
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