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EFCC may arraign Iwu for money laundering

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BARRING last minute hitch, Economic and Financial Crimes Commission (EFCC) is set to arraign a former Chairman of Independent National Electoral Commission (INEC) Prof. Maurice Iwu before a Federal High Court, sitting in Lagos over allegations of money laundering and bribery.

The former helmsman of the electoral umpire is alleged to have aided the concealment of over N1,203,000,000 between December 2014 and March 2015 in spates of fraudulent transactions.

through a bank account of Bioresources Institute of Nigeria Limited domiciled in United Bank for Africa (UBA).

Confirming the planned arraignment, Ag Spokesperson EFCC, Tony Orilade refused to give details.

Although it is still unclear if the amount is part of N23.29billion for which Iwu had earlier been interrogated by EFCC in connection with his alleged involvement in a bribery scandal that was traced to the 2015 in which a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, was fingered as mastermind.

But a source privy to the investigation said that Iwu may be docked on a four-count charge.

“The Economic and Financial Crimes Commission (EFCC) is set to arraign a former Chairman of the Independent National Electoral Commission, INEC, Prof. Maurice Iwu at a Federal High Court, sitting in Lagos on a four-count charge bordering on money laundering.

He is alleged to have between December 2014 and March 2015, aided the concealment of the sum of N1, 203,000,000 (One Billion, Two Hundred and Three Million Naira) during which the amount was lodged into the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa, UBA Plc.

The source also hinted that Iwu was  allegedly using an NGO, West African Network of Electoral Observers to launder some of the money for top officials of the electoral commission.

About four oil firms, some directors of some oil companies, two banks and some politicians and more than 283 staff of INEC are under probe in connection with the biggest electoral fraud in the country, though many of the indicted INEC staff and politicians have owned up and refunded huge sums of money to EFCC.

More than N3.4billion in cash has been recovered apart from choice assets seized by the anti-graft agency.

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