Court remands Iwu over N1.23bn fraud

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A Lagos high court on Thursday, remanded former chairman of the Independent National Electoral Commission (INEC),Maurice Iwu in custody over allegations of fraud.
The Economic and Financial Crimes Commission (EFCC) had arraigned Iwu before the court on four count charges bothering on N1.23 billion fraud.
The former INEC chairman is alleged to have between December 2014 and March 2015, aided the concealment of the said amount.
The money was in the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa, (UBA) PLC.
yans gathered that the money was reportedly part of the N23.29 billion slush fund allegedly shared by Diezani Allison-Madueke, former petroleum minister, to influence the outcome of the 2015 presidential elections.
Iwu, however, pleaded not guilty to the charges.

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