The Economic and Financial Crimes Commission (EFCC) yesterday arraigned the former Chairman of the Independent National Electoral Commission (INEC), Prof. Maurice Iwu, before the Federal High Court in Lagos on an alleged N1.23 billion fraud.
In the four-count charge, the EFCC alleged that Iwu committed the offense in the build-up to the 2015 general elections in which President Muhammadu Buhari defeated the then incumbent President Goodluck Jonathan.
According to the anti-graft agency, Iwu, between December 2014 and March 27, 2015, “aided 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 (UBA).”
The EFCC said Iwu “ought to have reasonably known that the N1.23 billion formed part of proceeds of an unlawful act, to wit: fraud.”
The prosecuting counsel for the EFCC, Mr. Rotimi Oyedepo, told the court that the INEC’s ex-chairman acted 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 .
When the charges were read to Iwu, he pleaded not guilty. Consequently, the prosecutor prayed the court for a trial date and an order to remand him in prison.