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Alleged N1.2bn fraud: Court grants ex-INEC chairman, Iwu, N1bn bail

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EFCC to arraign Maurice Iwu over alleged N1.2bn fraud

Justice Chuka Obiozor of a Federal High Court in Lagos has granted a bail of N1billion to a former chairman of the Independent National Electoral Commission (INEC) Prof Maurice Iwu.

Iwo who was charged with an alleged fraud of N1.23bn was asked to provide two sureties in like sum.

While ruling on Friday, Justice Obiozor said one the sureties must own a landed property in Lagos while the other must be a professor, or a civil servant not below Grade Level 16.

Read also: EFCC set to arraign Atiku’s lawyer over alleged fraud

He added that both sureties must furnish the court with the statement of their bank accounts, showing a minimum balance of N1bn as well as their recent passport photographs.

In addition, Iwu was ordered to deposit his passport with the Deputy Chief Registrar of the court.

The judge ordered that he should be remanded in the prison custody pending the fulfillment of the bail conditions.

The former INEC boss was arraigned on Thursday by the Economic and Financial Crimes Commission (EFCC)

He was alleged to have committed the offence in the build-up to the 2015 general elections in which President Muhammadu Buhari defeated then-incumbent President Goodluck Jonathan.

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