A Federal High Court in Lagos has granted a former chairman of the Independent National Electoral Commission (INEC), Prof. Maurice Iwu, bail in the sum of N1 billion with two sureties in like sum.
Justice Chuka Obiozor granted Iwu bail on Friday, adding that one of the sureties must own a landed property in Lagos while the other must be a professor or a civil servant not below Grade Level 16.
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The judge said both sureties must show the court their bank statements with a minimum balance of N1 billion. The sureties will also submit their recent passport photographs.
Justice Obiozor ruled that Iwu should deposit his passport with the deputy chief registrar of the court.
Iwu will be remanded in the prison custody until he meets his bail conditions, the judge said.
The former INEC chair was arraigned on Thursday on a four-count charge of concealment, fraud and money laundering of N1.2 billion which he denied.
He was remanded in EFCC custody till the hearing of his bail application on Friday.
EFCC alleged that Iwu aided the concealment of the sum of N1, 203,000,000 between December 2014 and March 2015.
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The sum was said to be in the bank account of Bioresources Institute of Nigeria Limited and domiciled in the United Bank for Africa, UBA Plc.
Iwu is said to have been involved in the N23.29 billion poll bribery scandal allegedly shared by former petroleum minister, Diezani Alison-Madueke, to influence the outcome of the 2015 presidential elections.
