Alleged N1.23b fraud: Iwu’s trial adjourned for 94 days

The fraud trial of former Chairman of the Independent National Electoral Commission (INEC), Prof Maurice Iwu, failed to go on at the Federal High Court in Lagos on Monday following the judge’s absence.

Justice Nicholas Oweibo was said to be away on an official engagement.

WITHIN NIGERIA recalls that the embattled ex-INEC boss, Iwu is facing three counts of alleged fraud and money laundering.

He was first arraigned by the Economic and Financial Crimes Commission (EFCC) on August 8 before Justice Chuka Obiozor, who granted him bail in the sum of N1billion.

Following the transfer of the case to Justice Oweibo, Iwu was re-arraigned by the EFCC on October 24.
The ex-INEC boss pleaded not guilty.

Justice Oweibo adjourned till yesterday for a trial to commence.

In the absence of the judge, parties were informed that the case had been adjourned till February 27, 2020.

In the charges against him, the EFCC alleged that between December 2014 and March 27, 2015, Iwu “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.”

It said he “ought to have reasonably known that the N1.23bn formed part of proceeds of an unlawful act, to wit: fraud.”

The prosecuting counsel for the EFCC, Mr Rotimi Oyedepo, told the court that the ex-INEC chairman acted contrary to sections 18(a) and 15 (2) (a) of the Money Laundering ((Prohibition) Act 2011 and was liable to be punished under Section 15(3) of the same Act.

Iwu pleaded not guilty before the court.

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