By Onyewuchi Ojinnaka
Barely one week after he was admitted to bail on very stringent terms by Justice Prof. Chuka Austin Obiozor of a Federal High Court Lagos Nigeria, the former Chairman of Independent National Electoral Commission (INEC) Prof Maurice Iwu, is yet to meet the bail terms given to him.
Consequently, he is still a guest of the Ikoyi prisons till date.
Investigations by TheNiche reveal that the bail bond of N1billion and two sureties that have property valued same amount are yet to be procured, hence the delay in securing Iwu’s release.
A source from the court who pleaded anonymity said that “as soon as the bail terms are perfected, the judge would sign an order for his immediate release, but for now, that has not happened.”
The former INEC Chairman was granted bail on Friday, August 9 after counsel to parties had argued on the bail application by the defendant/applicant and the counter affidavit by the prosecution.
Iwu’s counsel Ahmed Raji (SAN) had asked for an order admitting the defendant/applicant to bail on self recognition pending the hearing and determination of charge filed against him or in the alternative, an order of the court admitting the defendant/applicant on liberal terms pending the hearing and determination of the charge filed against him.
But the EFCC prosecutor, Rotimi Oyedepo opposed the application on the ground that the defendant may interfere and/or intimidate the witnesses of the prosecution.He however asked for stringent terms if the court must grant the bail.
“I also urge the court to impose conditions that will ensure that if the defendant absconds, we would be able to lay hands on something that is equivalent to the N1.2 billion under dispute”, Oyedepo submitted.
Justice Obiozor had while granting Iwu bail said:”Bail is hereby granted to the defendant to the tune of N1billion with two sureties in like sum.
“The first surety shall be resident in Lagos State and shall transmit his land use as evidence of ownership of property in Lagos State and furnish the court with evidence of payment of tax from three years prior to today. As proof of address the defendant shall furnish the court with his statement of account with any bank in Nigeria with passport photograph. The bank shall depose to the photograph as true identity of the account holder.
“The defendant and sureties shall provide two of their recent passport for court record. The defendant shall cease all manner of communication either directly or by proxy with any of the witness the prosecution might call in this matter.
“The second surety must be a civil servant in the state within the Grade 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.”
The Economic and Financial Crimes Commission (EFCC) had arraigned Iwu Thursday August 8, 2019 before Justice Obiozor on four-counts charge of money laundering to the tune of N1.2 billion.
He had pleaded not guilty to all the counts.
According to the charge, Iwu was alleged to have between December 2014 and March 27, 2015, in Nigeria within the jurisdiction of the court, aided the concealment of the total sum of N1,203,000,000 in Bioresources Institute of Nigeria (BION) Ltd’s acct number 1018603119 domiciled in United Bank for Africa (UBA), a sum he reasonably ought to have known forms part of the proceeds of unlawful act to wit: “fraud and you thereby committed offence contrary to Section18 (a), 15 (2) (a) of the Money Laundering Prohibition Act 2011 as amended and punishable under Section 15 (3) of the same Act.
“Iwu was also alleged to have procured Bioresouces Institute of Nigeria Ltd (BION) to retain the aforementioned sum in the same acct domiciled with UBA.
In count four, Maurice Iwu and Victor Chukwuani were alleged to have between 23rd and 29th of December 2014, procured BION to retain the aggregate sum of N407 million domiciled in same account with UBA, contrary to Section 18 (a), 15 (2) (a) of the Money Laundering Act 2011 as amended and punishable under Section 15 (3) of the same Act.