Former chairman of the Independent National Electoral Commission (INEC) Prof Maurice Iwu has been admitted to bail. He was Thursday charged with an alleged fraud of N1.23bn. His bail is in the sum of N1bn with two sureties in like sum.
Justice Chuka Obiozor of the Federal High Court, Lagos in his ruling Friday said that one of the sureties must own a landed property in Lagos while the other must be a professor or a civil servant not below Grade Level 16.
The judge said both sureties must furnish the court with the statement of their bank accounts, showing a minimum balance of N1bn.
The sureties are also to submit their recent passport photographs.
In addition, Iwu was ordered to deposit his international passport with the Deputy Chief Registrar of the court.
The court also ordered that he should be remanded in prison custody pending the fulfillment of the bail conditions.
The Economic and Financial Crimes Commission had on Thursday arraigned the ex-INEC chairman on four counts bordering on fraud before the Federal High Court in Lagos.
The anti-graft agency alleged that Iwu committed the offence in the build-up to the 2015 general elections in which President Muhammadu Buhari defeated then-incumbent President Goodluck Jonathan.
Iwu’s lawyers had pled liberal bail conditions, but the judge thought otherwise.