Ex-INEC Boss, Maurice Iwu to be Arraigned over Alleged N1.2bn Fraud

Maurice Iwu

Kingsley Nwezeh in Abuja

The Economic and Financial Crimes Commission (EFCC) is set to arraign a former Chairman of the Independent National Electoral Commission (INEC), Prof. Maurice Iwu.

This is coming as the agency said it would hand over another property of the late Chief of Defence Staff, Alex Badeh, to the North East Development Commission (NEDC).

THISDAY gathered that Iwu would be arraigned at a Federal High Court sitting in Lagos on a four-count charge bordering on money laundering.

Iwu is alleged to have between December 2014 and March 2015, aided the concealment of the sum of N1,203,000,000.

The said sum was in the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa Plc.

When contacted Acting Spokesman of EFCC, Tony Orilade, confirmed the planned arraignment.

Meanwhile, the EFCC said it would hand over another property recovered from the late Chief of Defence Staff, Alex Badeh to the NEDC.

A statement from the commission said the hand over was in line with Section 31 (2) of the EFCC Establishment Act 2004.

“The Economic and Financial Crimes Commission will tomorrow, Thursday (today), August 8, 2019 at 11am, hand over a property to North East Development Commission, NEDC.

“Situated at 6, Ogun River Street, Maitama Abuja, the property was finally forfeited to the federal government by the former Chief of Defence Staff, late Alex Badeh following EFCC’s diligent prosecution.

The Section, (31) (1), states: “Upon receipt of a final order pursuant to this section, the Secretary to the Commission shall take steps to dispose of the property concerned by sale or otherwise and where the property is sold, the proceeds thereof shall be paid into the Consolidated Revenue Funds of the Federation”.