The News Agency of Nigeria reports that Iwu is facing a three-count charge of fraud and money laundering brought against him by the Economic and Financial Crimes Commission .
He was first arraigned on Aug. 8 before Justice Chuka Obiozor, also of the Federal High Court in Lagos, who granted him bail in the sum of N1 billion.Following the transfer of the case to Oweibo, the former INEC chairman was re-arraigned by the anti-graft commission on Oct. 24, he also pleaded not guilty.Due to the absence of the judge on Monday, the case was again adjourned until Feb. 27, 2020.
According to Mr Rotimi Oyedepo, lead counsel to EFCC, Iwu committed the alleged offences from December 2014 to March 27, 2015. “The defendant aided the concealment of N1.23 billion in the account of Bioresources Institute of Nigeria Ltd. with number 1018603119, domiciled in the United Bank for Africa.
“He ought to have reasonably known that the N1.23 billion formed part of the proceeds of fraud,” Oyedepo said.
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