A Federal High Court in Lagos has granted the Economic and Financial Crimes Commission, EFCC, an order to remand Prof Maurice Iwu in its custody till Friday when his application for bail will be heard.
The EFCC had arraigned Iwu, the former Chairman of Independent National Electoral Commission, INEC, before Justice Chuka Obiozor on a four count charge of concealment, fraud and money laundering of N1.2 billion.
However, Iwu pleaded not guilty to all the charges.
The EFCC, in the charge filed against the former INEC Chairman alleged that Iwu aided the concealment of the sum of N1, 203,000,000, said to be in the bank account of Bioresources Institute of Nigeria Limited and domiciled in the United Bank for Africa, UBA PLC, between December 2014 and March 2015.
It is believed the money is part of the N23.29 billion slush fund allegedly shared by former Petroleum Minister, Diezani Allison-Madueke, to influence the outcome of the 2015 Presidential elections.