The federal high court Lagos on Thursday ordered that Maurice Iwu, former chairman of the Independent National Electoral Commission (INEC), be remanded in custody over allegations of fraud.
The Economic and Financial Crimes Commission (EFCC) had arraigned Iwu before the court on four count charges bothering on N1.23 billion fraud, accusing the former INEC chairman of playing a part in the concealing of the N1.23 billion public funds between December 2014 and March 2015.
The money is said to be part of the N23.29 billion public funds allegedly diverted and shared by Diezani Allison-Madueke, former minister of petroleum resources – “to influence the outcome of the 2015 presidential elections.”
The said money was domiciled in the United Bank of Africa (UBA) account of Bioresources Institute of Nigeria Limited, EFCC told the court.
Mr. Iwu pleaded not guilty to the charges and Chuka Obiozor, the presiding judge, remanded him in the custody of the anti-graft agency. He then adjourned till Friday to rule on a bail application filed by Iwu.