Former Chairman of the Independent National Electoral Commission (INEC) Prof. Maurice Iwu has been granted bail in the sum of N1 billion bail by the Federal High Court in Ikoyi, Lagos on Friday.
The Economic and Financial Crimes Commission, EFCC, had on Thursday arraigned Iwu before a Federal High Court in Ikoyi for allegedly laundering of N1.2 billion.
Justice Chuka Obiozor said, in his ruling on Friday, that one the sureties 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 sureties are also to submit their recent passport photographs.