The Economic and Financial Crimes Commission, EFCC, has concluded plans to arraign a former Chairman of the Independent National Electoral Commission, INEC, Professor Maurice Iwu over alleged N1.2 billion fraud and money laundering.
According to reports, Iwu would be arraigned before a Federal High Court sitting in Lagos on a four count charge bordering on fraud and money laundering.
This impending arraignment of the former INEC boss was confirmed on Wednesday by the acting spokesman of the EFCC, Tony Orilade. He however did not state when he would appear in court.
Iwu was alleged to have, between December 2014 and March 2015, concealed N1.2 billion in the bank account of Bioresources Institute of Nigeria Ltd domiciled in the United Bank for Africa Plc.
It is believed that the money was part of the N23.29b slush fund alleged to have been shared by a former Minister of Petroleum Resources, Diezani Allison-Madueke, to influence the outcome of the 2015 presidential elections.
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