A Federal High Court in Lagos, has granted the Economic and Financial Crimes Commission, EFCC, an order to remand Prof. Maurice Iwu in its custody, till Friday, when his application for bail will be heard.
The EFCC had arraigned Iwu, a former Chairman of the Independent National Electoral Commission, INEC, before Justice Chuka Obiozor, on a four-count charge of concealment, fraud, and money laundering, of N1.2 billion.
However, Iwu pleaded not guilty to all the charges.
The EFCC, in the charge filed against the former INEC Chairman, alleged that Iwu aided the concealment of the sum of N1,203,000,000, said to be in the bank account of Bioresources Institute of Nigeria Limited, and domiciled in the United Bank for Africa, UBA PLC, between December 2014 and March 2015.
It is believed the money is part of the N23.29 billion slush funds allegedly shared by former Petroleum Minister, Diezani Alison-Madueke, to influence the outcome of the 2015 Presidential election.