Fraud: EFCC Re-arraigned Maurice Iwu Over N1.23bn

• Iwu pleaded not guilty to the charges and the court granted him bail and adjourned the matter till November 25, 2019.

The Economic and Financial Crimes Commission (EFCC) yesterday in Lagos, re-arraigned a former chairman of the Independent National Electoral Commission (INEC), Prof Maurice Iwu, over a N1.23 billion fraud before Justice Nicholas Oweibo.

He 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 is domiciled in United Bank of Africa (UBA) Plc, to perpetrate the crime.

The EFCC also alleged that Professor Iwu and a lawyer, Victor Chukwuani, retained the sum of N407 million, said to proceed of an unlawful act in Bioresources Institute of Nigeria (BION) Limited’s Account No. 1018603119 domiciled in the United Bank for Africa Plc,

The offences according to the prosecution, 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”.

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One of the charges against him read: “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”. Iwu pleaded not guilty to the charges and the court granted him bail and adjourned the matter till November 25, 2019.