Justice Nicholas Oweibo of the Federal High Court in Lagos was not in court on Monday, stalling the N1.2 billion fraud trial of a former chairman of the Independent National Electoral Commission (INEC), Prof. Maurice Iwu.
Iwu is charged with three counts of fraud and money laundering brought against him by the Economic and Financial Crimes Commission (EFCC).
The former INEC boss was first arraigned on August 8 before Justice Chuka Obiozor, also of the Federal High Court in Lagos, who granted him bail of N1 billion.
Iwu, however, maintained his earlier stance by pleading not guilty.
Justice Oweibo permitted him to continue on the N1 billion bail earlier granted him by Justice Obiozor.
The case has now been adjourned till February 27, 2020.
EFCC alleges that Iwu committed the offences from December 2014 to March 27, 2015.
“The defendant aided the concealment of N1.23 billion in the account of Bioresources Institute of Nigeria Ltd. with number 1018603119, domiciled in the United Bank for Africa.
“He ought to have reasonably known that the N1.23 billion formed part of the proceeds of fraud,” EFCC’s lead counsel, Rotimi Oyedepo, said.
The alleged offences contravene Sections 15(2) and 18(a) of the Money Laundering (Prohibition) Act, 2011, and is punishable under Section 15(3) of the Act.
