The hearing of the bail application by former Chairman of the Independent National Electoral Commission (INEC) Maurice Iwu, has commenced, Concise News understands.
This news medium learned that Justice Chuka Obiozor of the Federal High Court sitting in Ikoyi, Lagos State, is presiding over the bail application hearing.
At the end of this hearing, the former INEC boss, who is facing four charges of concealment, fraud and money laundering to the tune of N1.2bn, to which he has pleaded not guilty, would know whether or not he will be released from the custody of the Economic and Financial Crimes Commission (EFCC).
The EFCC alleged that Iwu – a professor – 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.