[BREAKING] N1.23bn fraud: Court imposes N1bn bail on Maurice Iwu

A previous executive of the Independent National Electoral Commission, Prof Maurice Iwu, who was accused of a supposed extortion of N1.23bn, has been confessed to bail in the aggregate of N1bn with two sureties in like total.

Equity Chuka Obiozor stated, in his decision on Friday, that one the sureties should possess a landed property in Lagos while the other must be a teacher or a government worker not beneath Grade Level 16.

The judge said the two sureties must outfit the court with the announcement of their financial balances, demonstrating a base parity of N1bn.

The sureties are likewise to present their ongoing international ID photos.

Moreover, Iwu was requested to keep his international ID with the Deputy Chief Registrar of the court.

The judge requested that he ought to be remanded in the jail authority pending the satisfaction of the bail conditions.

The Economic and Financial Crimes Commission had on Thursday charged the ex-INEC executive on four checks verging on misrepresentation under the watchful eye of the Federal High Court in Lagos.

The counter join organization asserted that Iwu submitted the offense in the development to the 2015 general races where President Muhammadu Buhari crushed then-occupant President Goodluck Jonathan.

As indicated by the EFCC, Iwu, between December 2014 and March 27, 2015, “helped the camouflage of N1.23bn in the record of Bioresources Institute of Nigeria Limited with number 1018603119, domiciled in the United Bank for Africa.”

The EFCC said Iwu “should have sensibly realized that the N1.23bn framed piece of continues of an unlawful demonstration, indeed: misrepresentation.”

The arraigning counsel for the EFCC, Mr Rotimi Oyedepo, told the court that the ex-INEC executive acted in opposition to segments 18(a) and 15 (2) (an) of the Money Laundering ((Prohibition) Act 2011 and was at risk to be rebuffed under Section 15(3) of a similar Act.

Yet, when the charges were perused to him, Iwu argued not liable.

While moving Iwu’s bail application on Friday, his legal advisor, Mr Ahmed Raji (SAN), encouraged the judge to concede his customer to bail in liberal terms yet the EFCC energetically contradicted the bail application.

The EFCC counsel, Oyedepo, told the judge that Iwu may almost certainly meddle with the observers amassed to affirm for the situation as they were INEC authorities with whom he had worked intently.