Court Grants Maurice Iwu Bail



 The Federal High Court Ikoyi, Lagos has granted bail to Professor Maurice Iwu to the tune of 1 billion naira.

The former Independent National Electoral Chairman (INEC) chairman is being tried for fraud The Economic and Financial Crimes Commission, EFCC,  which  Thursday, August 8, 2019, arraigned  him  before Justice Chuka Obiozor of the Federal High Court,  Ikoyi, Lagos on a four-count charge bordering on money laundering to the tune of N1, 203,000,000 (One Billion, Two Hundred and Three Million Naira).

Count one of the charge reads: “ That you, Professor Maurice Maduakolam Iwu,  between December 2014 and March 27, 2015, in Nigeria within the jurisdiction of this honourable court aided the concealment of the total sum of N1, 203,00,000.00( One Billion, Two Hundred and Three Million Naira)  in Bioresources Institute of Nigeria, BION, Limited’s Account No. 1018603119 domiciled in the United Bank for Africa Plc, which sum you reasonably ought to have known forms part of proceeds of unlawful act to wit: fraud and you thereby committed an offence contrary to Sections 18(a), 15(2)  (a) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 ( 3) of the same Act.”

Count two reads: “That you, Professor Maurice Maduakolam Iwu, between December 2014 and March 27, 2015, in Nigeria, within the jurisdiction of this honourable court, procured Bioresources Institute of Nigeria (BION) Limited retain the aggregate sum of  N1, 203,00,000.00( One Billion, Two Hundred and Three Million Naira) in Bioresources Institute of Nigeria, (BION) Limited’s Account No. 1018603119 domiciled in the United Bank for Africa Plc, which sum you reasonably ought to have known forms parts of proceeds of unlawful act to wit: fraud and you thereby committed an offence contrary to Sections 18 (c), 15(2) (c) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section (5) (3) of the same Act.”



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