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ALLEGED N1.23BN FRAUD: Ex-INEC boss, Maurice Iwu, re-arraigned
Former chairman of the Independent National Electoral Commission (INEC), Professor Maurice Iwu, was on Thursday re-arraigned before a Federal High Court in Lagos over an alleged fraud of N1.23 billion.
The Economic and Financial Crimes Commission (EFCC) re-arraigned him on four counts before the court presided over by Justice Nicholas Oweibo.
The anti-graft agency had earlier in August this year arraigned Iwu before Justice Chuka Obiozor of the same court.
But the case was later transfered to Justice Oweibo from justice Obiozor, hence, the reason for his re-arraignment this Thursday.
The EFCC said in it charges that Iwu, between December 2014 and March 27, 2015, assisted in the concealment of N1.23 billion in the account of Bioresources Institute of Nigeria Limited with number 1018603119, domiciled in the United Bank for Africa.
According to the commission, the former INEC chairman ought to have reasonably understood that the N1.23 billion formed part of the proceeds of an unlawful act, to wit: fraud.
When the matter came up, the prosecution for the EFCC, Rotimi Oyedepo, told the presiding judge that Iwu action was 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.
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However, the defendant pleaded not guilty to the charges.
Consequently, Justice Oweibo asked him to continue on the N1billion bail earlier granted him by Justice Obiozor and adjourned the matter till November 25, 2019, for the commencement of trial.
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