The Federal High Court Ikoyi has granted bail to Professor Maurice Iwu to the tune of N1 billion.
The Atlantic Post reports that the Economic and Financial Crimes Commission (EFCC) Friday, arraigned Prof Iwu, a former Chairman of the Independent National Electoral Commission (INEC).
Iwu was arraigned at a Federal High Court sitting in Lagos on a four-count charge bordering on money laundering.
The former chairman is alleged to have between December 2014 and March 2015, aided the concealment of the sum of N1.2billion.
The said sum was in the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa, (UBA) PLC.
Iwu is a Nigerian Professor of Pharmacognosy who was appointed Chairman of the INEC in June 2005, and was removed from office in April 2010.