The Federal High Court Ikoyi has granted bail to Professor Maurice Iwu to the tune of N1 billion.
Professor Iwu was being arraigned on four counts of concealment, fraud and money laundering to the tune of N1.2bn.
In the charge, the EFCC alleged that Professor Iwu aided the concealment of the above sum between December 2014 and March 2015.
The money is believed to be part of the N23.29b slush funds allegedly shared by former Petroleum Minister, Diezani Allison-Madueke, to influence the outcome of the 2015 presidential elections.
Professor Iwu, however, pleaded not guilty to the charges, and his lawyer, Ahmad Raji (SAN) asked the court to grant him bail on the grounds of self-recognizance and secondly on liberal terms.
The prosecution lawyer, Rotimi Oyedepo, on the other hand, said there was evidence of the possibility of the defendant intimidating or interfering with the witnesses if he was granted bail, and therefore, urged the court to use its discretion not to grant the bail.
After listening to both arguments, however, Justice Chuka Obiozor granted the bail while also requesting for two sureties and insisting that Mr Iwu must not communicate with any of the witnesses.
The court stated, “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 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.”
