Alleged N1.2bn fraud: EFCC re-arraigns ex-INEC Chairman Iwu

A former Chairman of the Independent National Electoral Commission (INEC), Prof. Maurice Iwu, on Thursday, re-appeared before a Federal High Court in Lagos, in answer to a N1.2 billion fraud allegations.
Iwu is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on four counts bordering on the offence.
He appeared before Justice Nicholas Oweibo, and pleaded not guilty to the charges.
The defendant had earlier been arraigned during the court’s vacation before Justice Chuka Obiozor.
He was re-arraigned on Thursday, following a re-assignment of the case from Justice Oweibo.
In the charges, the EFCC alleged that Iwu committed the offence in the build-up to the 2015 general elections.
According to the commission , he committed the offences between December 2014 and March 27, 2015.
It said the defendant aided the concealment of N1.2 billion in the account of one Bioresources Institute of Nigeria Ltd.
The EFCC said that Iwu ought to have reasonably known that the money formed part of the proceeds of an unlawful act of fraud.
EFCC prosecutor Mr Rotimi Oyedepo, said that the offence contravened the provisions of sections 15 (2) (a) and 18 (a) of the Money Laundering ((Prohibition) Act 2011
Justice Oweibo allowed the defendant to continue on the N1billion bail earlier granted him by Justice Obiozor.
He adjourned the case until November 25 for trial to start.