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Alleged N1.2bn Fraud: Former INEC Chairman, Iwu Procured Bioresources Institute of Nigeria To Retain N1, 203,00,000.00 In UBA Account – EFCC



***As Judge Slams Professor Iwu N1bn Bail 

BY FRANCIS IWUCHUKWU, LAGOS 

Justice Chuka Obiozor of a Federal High Court sitting in Ikoyi, Lagos State, Nigeria, on Friday (today) slammed a bail sum to the tune of N1bn on the former chairman of the Independent National Electoral Commission, INEC, Prof Maurice Iwu, with two sureties in like sum.

In granting the bail application filed by Professor Iwu over the N1.2bn fraud charge made against him by the Economic and Financial Crimes Commission, EFCC, the judge held that 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.

Justice Obiozor declared that both sureties must furnish the court with the statement of their bank accounts, showing a minimum balance of N1bn, even as he added that the sureties are to submit their recent passport photographs.

The court equally directed Iwu to deposit his passport with the Deputy Chief Registrar, DCR, of the court.

Justice Obiozor ordered that Professor Iwu should be remanded pending when he is able to meet the bail condition as granted by the court.

It would be recalled that the former INEC boss was yesterday (Thursday) arraigned by the EFCC over the alleged offence and had pleaded not guilty to the four counts charge that had to do with money laundering as made against him by the Commission.

Professor Iwu was arraigned for allegedly aiding and  concealment of a total sum to the tune of N1.203 million, which was said to be proceed of unlawful act.

Specifically, Professor Iwu was alleged to have between December 2015 and March 27, 2015, used his company, Bioresources Institute of Nigeria (BION) Limited, whose account with number 1018603119 domiciled in Untied Bank for Africa (UBA) Plc. 

The anti-graft agency equally made the allegation that Professor Iwu, alongside a lawyer, Victor Chukwuani retained the sum of N407 million, said to be proceed of unlawful act, in Bioresources Institute of Nigeria (BION) Limited’s Account No. 1018603119 domiciled in the United Bank for Africa Plc.

According to counsel to the EFCC, Rotimi Oyedepo, the offences are contrary to sections  18(a),15(2) (a) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 (3) of the same Act.

BELOW IS THE CHARGE AGAINST PROFESSOR MAURICE IWU AND VICTOR CHUKWUANI:

COUNT 1

That you, Professor Maurice Mmaduakolam Iwu,  between December 2014 and March 27, 2015, in Nigeria within the jurisdiction of this honourable court aided the concealment of the total sum of N1, 203,00,000.00 (One Billion, Two Hundred and Three Million Naira) in Bioresources Institute of Nigeria, (BION) Limited’s Account No. 1018603119 domiciled in the United Bank for Africa Plc, which sum you reasonably ought to have known forms part of proceeds of unlawful act to wit: fraud and you thereby committed an offence contrary to Sections 18(a), 15(2)  (a) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 ( 3) of the same Act.

COUNT 2

That you, Professor Maurice Mmaduakolam Iwu,  between December 2014 and March 27, 2015, in Nigeria, within the jurisdiction of this honourable court, procured Bioresources Institute of Nigeria (BION) Limited to retain the aggregate sum of  N1, 203,00,000.00( One Billion, Two Hundred and Three Million Naira) in Bioresources Institute of Nigeria, (BION) Limited’s Account No. 1018603119 domiciled in the United Bank for Africa Plc, which sum you reasonably ought to have known forms parts of proceeds of unlawful act to wit: fraud and you thereby committed an offence contrary to Sections 18 (c), 15(2) (c) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 (3) of the same Act.

COUNT 3 

That you Professor Maurice Mmaduakolam Iwu between December, 2014 and 27th March, 2015 in Nigeria within the jurisdiction of this Honourable Court used the aggregate sum of N1. 203.000.000.00 (One Billion, Two Hundred and Three Million Naira) in Bioresources Institute of Nigeria (BION) Limited’s Account No. 1018603119 domiciled in the United Bank For Africa Plc which sum you reasonably ought to have known forms part of proceeds of unlawful act to wit: fraud and you thereby committed an offence contrary to sections 15 (2) (d) of the Money Laundering Prohibition Act. 2011 as amended and punishable under section 15 (3) of the same Act.

COUNT 4 

That you Professor Maurice Mmaduakolam Iwu and Victor Chukwuani Esq between 23rd and 29th of December, 2014 in Nigeria within the jurisdiction of this Honourable Court procured Bioresources Institute of Nigeria (BION) Limited to retain the aggregate sum of N407,000,000.00 (Four Hundred and Seven Million, Naira) in its account No. 1018603119 domiciled in United Bank For Africa Plc which sum you reasonably ought to have known forms part of proceeds of unlawful act to wit: fraud and you thereby committed an offence contrary to sections 18 (c), 15 (2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under sections 15 (3) of the same Act.

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