The Federal High Court, Lagos has ordered for the remand of former chairman of the Independent National Electoral Commission (INEC) Prof. Maurice Iwu, in custody of the Economic and Financial Crimes Commission (EFCC), till Friday, when his bail application would be heard and decided.

The former INEC chairman was docked before Justice Chuka Obiozor by EFCC on four-count charge bordering on money laundering on Thursday.

Among the offence levelled against the ex-INEC boss was alleged aiding and concealment of total sum of N1.203 million, which was said to be proceed of unlawful act.

Iwu was alleged to have between December 2015 and March 27, 2015, used his company, Bioresources Institute of Nigeria (BION) Limited, whose account number 1018603119 is domiciled in United Bank of Africa (UBA) Plc.

The EFCC also alleged that Iwu and a lawyer, Victor Chukwuani retained the sum of N407 million, said to be proceed of an unlawful act, in Bioresources Institute of Nigeria (BION) Limited’s Account No. 1018603119 domiciled in the United Bank for Africa Plc.

According to the prosecution, the offences are contrary to Sections 18(a),15(2) (a) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 ( 3) of the same act.

Upon the reading of the charge to the former INEC boss, he pleaded not guilty to all the counts.

Following his not-guilty plea, the prosecutor, Rotimi Oyedepo, asked the court for a trial date, while also urging the court to remand the defendant in prison custody, pending the hearing of his bail application.

Reacting, Iwu’s lawyer, Ahmed Raji (SAN), informed the court that he had two applications, one challenging the court jurisdiction and other one for the bail application of the accused.

Raji, however, withdrew the application challenging court’s jurisdiction on the grounds of his client’s freedom and urged the court to hear the bail application.

Upon his withdrawal of application challenging court’s jurisdiction, Justice Obiozor, instantly struck it out.

Following the striking of the application challenging court’s jurisdiction, Raji informed the court that the bail application had been served on the prosecution but yet to be responded to.

He urged the court either to let his client be with the prosecution till tomorrow, Friday, or be release to him, as he undertook to personally produce him in court.

He informed the court that ever since his client had been admitted to administrative bail, he has never defaulted.

However, the prosecutor, Oyedepo, told the court that the appropriate place to remand a defendant after plea was taken in the prison.

Justice Obiozor, in his ruling, ordered that the defendant be remanded in EFCC custody till Friday, for the hearing of his bail application.

In the charge sheet, count one reads: “That you, Professor Maurice Mmaduakolam Iwu, between December 2014 and March 27, 2015, in Nigeria within the jurisdiction of this honourable court aided the concealment of the total sum of N1, 203,00,000.00( One Billion, Two Hundred and Three Million Naira) in Bioresources Institute of Nigeria, (BION) Limited’s Account No. 1018603119 domiciled in the United Bank for Africa Plc, which sum you reasonably ought to have known forms part of proceeds of an unlawful act to wit: fraud and you thereby committed an offence contrary to Sections 18(a), 15(2) (a) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 ( 3) of the same Act.”

Count two reads: “That you, Professor Maurice Mmaduakolam Iwu, between December 2014 and March 27, 2015, in Nigeria, within the jurisdiction of this honourable court, procured Bioresources Institute of Nigeria(BION) Limited retain the aggregate sum of N1, 203,00,000.00( One Billion, Two Hundred and Three Million Naira) in Bioresources Institute of Nigeria, (BION) Limited’s Account No. 1018603119 domiciled in the United Bank for Africa Plc, which sum you reasonably ought to have known forms parts of proceeds of unlawful act to wit: fraud and you thereby committed an offence contrary to Sections 18 (c), 15(2) (c) of the Money Laundering Prohibition Act, 2011 as amended and punishable under Section 15 (3) of the same Act.”

Count 3 “That you Professor Maurice Mmaduakolam Iwu between December, 2014 and 27th March, 2015 in Nigeria within the jurisdiction of this Honourable Court used the aggregate sum of N1. 203.000.000.00 (One Billion, Two Hundred and Three Million Naira) in Bioresources Institute of Nigeria (BION) limited’s Account No. 1018603119 domiciled in the United Bank For Africa Plc which sum you reasonably ought to have known forms part of proceeds of unlawful act to wit: fraud and you thereby committed an offence contrary to sections 15 (2) (d) of the Money Laundering Prohibition Act 2011 as amended and punishable under section 15 (3) of the same Act.

Count 4 “That you Professor Maurice Mmaduakolam Iwu and Victor Chukwuani Esq between 23rd and 29th of December, 2014 in Nigeria within the jurisdiction of this Honourable Court procured Bioresources Institute of Nigeria (BION) Limited to retain the aggregate sum of N407,000,000.00 (Four Hundred and Seven Million, Naira) in its account No. 1018603119 domiciled in United Bank For Africa Plc which sum you reasonably ought to have known forms part of proceeds of unlawful act to wit: fraud and you thereby committed an offence contrary to sections 18 (c), 15 (2) (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under sections 15 (3) of the same Act.