Maurice Iwu remanded in EFCC custody over alleged N1.2b money laundering, to argue for bail today

Prof. Iwu

By Editor.

A Federal High Court sitting in Lagos before Justice Chuka Austin Obiozor on Thursday, August 8, 2019 remanded in EFCC custody former chairman of Independent National Electoral Commission (INEC), Prof Maurice Iwu, pending the hearing and determination of his bail application today.
The remand order was made by the judge following the submission by Iwu’s counsel to the court that he has filed an application for bail and the immediate response by EFCC prosecutor that he was yet to respond to the application.
The Economic and Financial Crimes Commission (EFCC) had arraigned  Prof Maurice Iwu Thursday  before Justice  Obiozor on four-count charge of money laundering to the tune of N1.2 billion.
He pleaded not guilty to all the charges.
After taking his plea, his counsel Ahmed Raji (SAN) informed the court that he has filed bail application for his client. 
Responding, EFCC prosecutor Rotimi Oyedepo admitted receipt of the application but said that he needs time to respond to it.
In view of Oyedepo’s submission, Justice Obiozor adjourned the matter to today  to hear the bail application while ordering Iwu to remain in EFCC custody.
According to the charge, Prof Maurice Iwu was alleged to have between December 2014 and March 27, 2015, in Nigeria within the jurisdiction of the court, aided the concealment of the total sum of N1,203,000,000 in Bioresources Institute of Nigeria (BION) Ltd’s acct number 1018603119 domiciled in United Bank for Africa (UBA), a sum he reasonably ought to have known forms part of the proceeds of unlawful act to wit: “fraud and you thereby committed offence contrary to Section18 (a), 15 (2) (a) of the Money Laundering Prohibition Act 2011 as amended and punishable under Section 15 (3) of the same Act.”
Iwu was also alleged to have procured Bioresources Institute of Nigeria Ltd (BION) to retain the aforementioned sum in the same acct domiciled with UBA.
In count four, Maurice Iwu and Victor Chukwuani were alleged to have between 23rd and 29th of December 2014,  procured BION to retain the aggregate sum of N407 million domiciled in same acct with UBA, contrary to Section 18 (a), 15 (2) (a) of the Money Laundering Act 2011 as amended and punishable under Section 15 (3) of the same Act.

Further proceeding continues today as he argues his bail application.