By Uzoma Akobundu
Former Chairman of the Independent National Electoral Commission (INEC), Prof. Maurice Iwu standing trial over a N1.2billion money laundering case s yet to meet the bail conditions handed over to him last week.
Justice Chuka Austin Obiozor of a Federal High Court Lagos Nigeria on Friday last week admitted Iwu to bail with N1 billion and two sureties in like sum over the case and ruled that the former INEC boss be remanded at the Ikoyi prisons until he meets the conditions.
Armadanews.com had reported at the weekend that the N1billion bail condition unsettled Iwu, his family and associates.
Almost one week after the bail was given, it is becoming increasingly difficult for Iwu to meet the conditions as he remains at the Ikoyi prison.
A source told this newspaper: “What are we going to do now if the money for the bail is not available? They did it intentionally because they want him to rot away here. It is simply an unusual bail condition.”
However, it was learnt that the Iwus are not resting in their oars to find suitable sureties to take him on bail because of his health.
Iwu was arraigned by the EFCC on Thursday August 8, 2019 on four-counts charge of money laundering to the tune of N1.2 billion.
He had pleaded not guilty to all the counts.
In the charge, Iwu was alleged to have between December 2014 and March 27, 2015, in Nigeria within the jurisdiction of the court, aided the concealment of the total sum of N1,203,000,000 in Bioresources Institute of Nigeria (BION) Ltd’s acct number 1018603119 domiciled in United Bank for Africa (UBA), a sum he reasonably ought to have known forms part of the proceeds of unlawful act to wit: “fraud and you thereby committed offence contrary to Section18 (a), 15 (2) (a) of the Money Laundering Prohibition Act 2011 as amended and punishable under Section 15 (3) of the same Act.”
Iwu was also alleged to have procured Bioresouces Institute of Nigeria Ltd (BION) to retain the aforementioned sum in the same acct domiciled with UBA.
Also, Iwu and Victor Chukwuani in another charge were alleged to have between 23rd and 29th of December 2014, procured BION to retain the aggregate sum of N407 million domiciled in same account with UBA, contrary to Section 18 (a), 15 (2) (a) of the Money Laundering Act 2011 as amended and punishable under Section 15 (3) of the same Act.