BY RALPH EJIMKONYE, With Agency Reports
A former National Chairman of the Independent National Electoral Comission, INEC, Prof Maurice Iwu, has been granted bail by a Federal High Court in Lagos.
The Economic and Fianacial Crimes Commission, EFCC, had arraigned Mr. Iwu before the court on a four count charge bodering on money laundering.
He pleaded not guilty to the charges.
The judge, Justice Chuka Obiozor ruled that Iwu should be remanded in EFCC custody till Friday.
Iwu was alleged to have between December 2014 and March 2015, aided the concealment of the sum of N1.2billion.
The said sum was in the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa, (UBA) PLC.
Iwu has, however, been granted bail to the tune of N1 billion and two sureties.