A former chairman of the Independent National Electoral Commission, Maurice Iwu, who is being charged for an alleged N1.23bn by the Economic and Financial Crimes Commission, was on Friday granted bail in the sum of N1bn with two sureties by a Federal High Court in Lagos.
Iwu was arraigned by the EFCC on four counts bordering on fraud before the court.
The anti-graft agency alleged that Iwu committed the offence in the build-up to the 2015 general elections in which President Muhammadu Buhari defeated Goodluck Jonathan to assume power.
According to the EFCC, Iwu, between December 2014 and March 27, 2015, “Aided the concealment of N1.23bn in the account of Bioresources Institute of Nigeria Limited with number 1018603119, domiciled in the United Bank for Africa.
“He ought to have reasonably known that the N1.23bn formed part of proceeds of an unlawful act, to wit: fraud.”
In his ruling on Friday, Justice Chuka Obiozor said one of the sureties must own a landed property in Lagos while the other must be a professor or a civil servant not below grade level 16.
The minimum bank balance of both sureties must be about N1bn according to the judge.
Other conditions include a deposit of Iwu's travel passport with the deputy chief registrar of the court as well as both sureties submitting their recent passport photographs.
The judge ordered that he should be remanded in prison custody pending the fulfillment of the bail conditions.