Court grants Maurice Iwu N1bn bail

A federal high court in  Ikoyi, Lagos, has granted a N1 billion bail to Maurice Iwu, former chairman of the Independent National Electoral Commission (INEC).

The Economic and Financial Crimes Commission (EFCC) had arraigned Iwu before the court on four count charges of “N1.23 billion fraud” but the ex-INEC chairman pleaded not guilty to the charges.

On Friday, Chuka Obiozor, presiding judge, granted him bail with two sureties in like sum.

Obiozor ruled that the former INEC chairman must not communicate with any of the witnesses in the case.

During proceedings, Ahmed Raji (SAN), Iwu’s lawyer, had asked the court to grant him bail on the grounds of self-recognisance.

But Rotimi Oyedepo, prosecution lawyer, argued that there was evidence of the possibility of the defendant intimidating or interfering with the witnesses if he was granted bail.

He urged the court to use its discretion not to grant the bail.

However, Obiozor granted the bail and ordered that Iwu be remanded in the Ikoyi prison until he meets the bail conditions.

The anti-graft agency had accused the former INEC chairman of playing a part in concealing N1.23 billion public funds between December 2014 and March 2015.

The money is believed to be part of the N23.29 billion public funds allegedly diverted and shared by Diezani Allison-Madueke, former minister of petroleum resources.

The EFCC said this was “to influence the outcome of the 2015 presidential elections.”