The former Chairman of the Independent National Electoral Commission (INEC) Prof. Maurice Iwu, on Friday August 16 reportedly met the N1bn bail with two sureties which a Lagos state High Court imposed on him.
He had been arraigned before Justice Chuka Obiozor of the Federal High Court in Lagos on August 8 who ruled that his sureties must have a property in Lagos, while the other must be a civil servant not below Grade Level 16 or a professor in any Nigerian university.
The judge said: “The defendant and sureties shall provide two of their recent passports for court record. The defendant shall cease all manner of communication either directly or by proxy with any of the witnesses the prosecution might call in this matter.
“The second surety must be a civil servant in the state within the grade of level 16 or a professor in any of the universities in Nigeria. The second surety shall provide proof of tax for three years prior to today. Must be resident in Lagos and as proof of address, he shall provide statement of account to which a passport photograph will be attached which the bank shall depose as the true identity of the account holder.
“The defendant shall keep the original copy of his international passport with this court and shall not travel outside the country without the approval of this court. Deputy registrar of the Lagos division shall verify all documents submitted by the defendant and sureties and pending the perfection of bail, the defendant shall be remanded in prison custody at Ikoyi prison.”
Prof Maurice Iwu however perfected his bail conditions on Friday after spending a week in Ikoyi prison, as confirmed by his lawyer Ahmed Raji (SAN).
He was accused of laundering N1.23bn in the build-up to the 2015 general elections and is facing a three-count charge bordering on money laundering and conspiracy.
He however pleaded not guilty to the charges before being granted bail.