Former Chairman of the Independent National Electoral Commission (INEC) Prof. Maurice Iwu has been released from Ikoyi Prison where he was remanded pending the fulfilment of his bail conditions.
The EFCC had arraigned Iwu before a Federal High Court in Ikoyi for alleged laundering.
According to the EFCC, Iwu, between December 2014 and March 27, 2015, “aided the concealment of N1.23bn in the account of Bioresources Institute of Nigeria Limited with number 1018603119, domiciled in the United Bank for Africa.”
The Presiding Judge, Justice Chuka Obiozor granted Iwu N1 billion bail with two sureties in like sum.
Justice Obiozor stressed that one of the sureties must be a landed property owner in Lagos with evidence of tax clearance and must be a resident of Lagos, while he or she must attach his or statement of account.
The second surety must be a civil servant on grade level 16 or a professor and must attach his or her statement of account.
The judge ordered that he should be remanded in the prison custody pending the fulfilment of the bail conditions.
Iwu was able to perfect the bail conditions on Friday, a week after the bail was granted.