The Federal High Court sitting in Ikoyi, Lagos has today ordered the Economic and Financial Crimes Commission, EFCC, to detain the former chairman of the Independent National Electoral Commission, Prof. Maurice Iwu till Friday to hear his bail application.
Iwu was alleged to have aided the concealment of the sum of N1, 203,000,000 (One Billion, Two Hundred and Three Million Naira) between December 2014 and March 2015.
The said sum was in the bank account of Bio-resources Institute of Nigeria Limited domiciled in the United Bank for Africa, UBA Plc.
The cash is believed to be part of the N23.29bn slush fund shared by the former Minister of petroleum, Diezani Allison-Madueke.
Professor Maurice Iwu pleaded not guilty to the charges. Hamed Raji, SAN appeared for him, while EFCC counsel Mr Rotimi Oyedepo is prosecuting the case.
The presiding Judge, Professor Chuka Obiozor adjourned till the next day for the hearing of his bail application and ordered his detention in EFCC’s custody.
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