EFCC SET TO ARRAIGN MAURICE IWU OVER N1.2BN FRAUD

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The Economic and Financial Crimes Commission is set to arraign a former chairman of the Independent National Electoral Commission , Prof. Maurice Iwu , for alleged N 1 . 2 bn fraud and money laundering .

Iwu will be arraigned at a Federal High Court sitting in Lagos on four counts bordering on money laundering .

The EFCC acting spokesperson , Tony Orilade , confirmed the planned arraignment on Wednesday , but he did not disclose when the former INEC chairman would appear in court.

Iwu was alleged to have , between December 2014 and March 2015 , concealed N 1 .2 bn in the bank account of Bioresources Institute of Nigeria Ltd domiciled in the United Bank for Africa Plc.

The money was believed to be part of the N 23 .29 b slush fund allegedly shared by former petroleum minister , Diezani Allison- Madueke , to influence the outcome of the 2015 presidential elections.

Iwu was fingered as one of the beneficiaries of the fund , including some INEC officials who are facing trial.

An umbrella organisation for over 150 anti -graft groups, the Civil Society Network Against Corruption, had earlier asked the EFCC to investigate and prosecute the ex -INEC boss , Resident Electoral Commissioners and Administrative Secretaries who took bribes during the 2015 general polls .

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