Pat Stevens/
The Economic and Financial Crimes Commission (EFCC) is set to arraign former chairman of the Independent National Electoral Commission (INEC) for alleged N1.2 billion fraud.
NewsmakersNG learnt that Iwu will be arraigned at a Federal High Court in Lagos on four counts bordering on money laundering.
Acting spokesman of EFCC, Tony Orilade, confirmed the planned arraignment today.
He however did not disclose the date fixed for the arraignment.
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.
0