Metro
Election Slush Fund: Iwu Remanded In EFCC Custody
By Editor
A Federal High Court sitting in Lagos on Thursday ordered that the erstwhile chairman of the Independent National Electoral Commission, INEC, Prof. Maurice Iwu be remanded in the custody of the Economic and Financial Crimes Commission, EFCC till Friday.
The court is to on that day hear his application for bail on the charge of money laundering brought against him by the commission on Thursday.
Justice Chuka Obiozor gave the order following the arraignment of the former INEC boss by the EFCC on a four-count charge of concealment, fraud and money laundering of N1.2billion.
The charge follows allegations that Iwu helped to conceal the sum of N1.203 billion allegedly chanelled from the N23.29 billion Election Fund allegedly managed by former minister of petroleum, Mrs. Allison Diezani-Madueke.
The funds were allegedly chanelled through the accounts of Bioresources Institute of Nigeria Limited and domiciled in the United Bank for Africa, UBA Plc.
Prof. Iwu pleaded not guilty to the charges when they were read before him in the court on Thursday.
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