A former Chairman of the Independent National Electoral Commission (INEC), Prof. Maurice Iwu has been remanded in prison custody.
A Federal High Court sitting in Lagos ordered his remand in the custody of the Economic and Financial Crimes Commission (EFCC) till Friday when his application for bail will be heard.
The EFCC had arraigned Prof Iwu before Justice Chuka Obiozor on a four-count charge. he charge borders on concealment, fraud and money laundering to the tune of N1.2billion.
The remand order was handed down by Justice Obiozor after his arraignment.
Prof. Iwu was appointed Chairman of the INEC in June 2005. Specifically, he succeeded Abel Guobadia as Chairman of INEC. However, he was removed from office in April 2010.
The EFCC alleged that Professor Iwu aided the concealment of the sum of N1, 203,000,000 between December 2014 and March 2015.
The sum was said to be in the bank account of Bioresources Institute of Nigeria Limited.
Further, the Commission disclosed that the sum was domiciled in the United Bank for Africa, UBA Plc.
The foregoing is contained in the charge filed against the former INEC Chairman.
The EFCC is convinced that the sum of N1.2billion is part of a N23.29b slush fund.
The fund was allegedly shared by a former petroleum minister, Diezani Allison-Madueke.
The monies were said to have been released to influence the outcome of the 2015 Presidential elections.
However, Muhammadu Buhari upset the-then ruling party and emerged President on the platform of the All Progressives Congress (APC).
Equally important, Prof. Iwu pleaded not guilty to all the charges filed by the EFCC.
His bail application is expected to come up for hearing on Friday, August 9th, 2019.
The former INEC Chairman, Iwu, was a Professor of Pharmacognosy at the University of Nigeria, Nsukka between 1984–1993.