Former INEC chairman Iwu pleads not guilty of N1.23bn fraud

The Economic and Financial Crimes Commission (EFCC) Thursday arraigned a former Chairman of the Independent National Electoral Commission (INEC), Maurice Iwu, for an alleged fraud of N1.23bn.

Iwu was arraigned on a four-count charge bordering on money laundering before a Federal High Court, Lagos State. He pleaded not guilty to the charges.

An EFCC source told The Guardian that Iwu is alleged to have aided the concealment of the sum of N1,203,000,000 between December 2014 and March 2015,

The source said monies were in the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa, (UBA) Plc.

While adjourning till Friday to take his bail application, Justice Chuka Obiozor ordered that Iwu be remanded in the custody of the EFCC.