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JUST IN: EFCC arraigns ex-INEC chairman, Iwu for N1.2bn fraud

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The Economic and Financial Crimes Commission, EFCC, on Thursday arraigned former Chairman of the Independent National Electoral Commission, INEC, Prof. Maurice Iwu, at the Federal High Court, Lagos, over alleged N1.2bn fraud and money laundering.

Iwu had arrived the court’s premises for arraignment early this morning.

As at the time of filing this report, the former INEC boss had been arraigned and already in the dock to defend himself.

The commission had alleged that between December 2014 and March 2015, Iwu hid N1.2 billion in the bank account of Bio-resources Institute of Nigeria Ltd. domiciled in the United Bank for Africa Plc.

The money was believed to be part of the N23.29 billion slush fund allegedly shared by former petroleum minister, Diezani Allison-Madueke, to influence the outcome of the 2015 presidential elections.

Iwu was fingered as one of the beneficiaries of the fund, including some INEC officials who are facing trial.

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