Crime

N23.29bn Slush Fund: Ex-INEC chairman, Iwu, for arraignment, says EFCC

The Economic and Financial Crimes Commission is set to arraign a former chairman of the Independent National Electoral Commission, Prof. Maurice Iwu, for alleged N1.2bn 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 N1.2bn 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 N23.29b 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.

-Punch

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