By Bukola Olasanmi
The Federal High Court Ikoyi has granted bail to a former Independent National Electoral Commission (INEC) Chairman, Professor Maurice Iwu to the tune of 1 billion naira.
The sureties are also to submit their recent passport photographs.
In addition, Iwu was ordered to deposit his passport with the Deputy Chief Registrar of the court.
The judge ordered that he should be remanded in the prison custody pending the fulfillment of the bail conditions.
The Economic and Financial Crimes Commission had on Thursday arraigned the ex-INEC chairman on four counts bordering on fraud before the Federal High Court in Lagos.
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 then-incumbent President Goodluck Jonathan.
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.”