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Alleged N1.2bn Fraud: United Bank For Africa Used By Former INEC Chairman, Professor Iwu To Commit Money Laundering – EFCC


FORMER INEC CHAIRMAN, PROFESSOR MAURICE IWU 

BY FRANCIS IWUCHUKWU, LAGOS 

The former Chairman of the Independent National Electoral Commission, INEC, Professor Maurice Mmaduakolam Iwu, was on Thursday (today) remanded in the custody of the Economic and Financial Crimes Commission, EFCC.

He was remanded in the custody of the anti-graft agency by Justice Chuka Obiozor of a Federal High Court sitting in Ikoyi, Lagos State, Nigeria.

Professor Iwu will remain in the  custody of the Commission until Friday (tomorrow) when his bail application would be heard and decided by the court.

The judge arrived at these decisions after the former electoral boss pleaded not guilty to the four counts charge that had to do with money laundering as made against him by the Commission.

It would be recalled that the EFCC had arraigned Professor Iwu on charges that had to do with 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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