The bail request by a former chairman of the Independent National Electoral Commission (INEC) Prof Maurice Iwu over alleged fraud of N1.23bn has been set at N1bn with two sureties in like sum.
One of the sureties, according to Justice Chuka Obiozor, who ruled on the bail application on Friday, said, must own a landed property in Lagos while the other must be a professor or a civil servant not below Grade Level 16.
The judge said both sureties must furnish the court with the statement of their bank accounts, showing a minimum balance of N1bn.
The former INEC chairman will be remanded until he meets the bail condition, the judge ordered.
While moving Iwu’s bail application on Friday, his lawyer, Mr Ahmed Raji (SAN), urged the judge to admit his client to bail in liberal terms but the EFCC vehemently opposed the bail application.
From the nation
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