A Federal High Court sitting in Ikoyi, Lagos State has commenced the hearing of the bail application by the former Chairman of the Independent National Electoral Commission, Professor Maurice Iwu.
The bail application is currently being heard by Justice Chuka Obiozor, at the end of which the former INEC boss would know whether or not he will be released from the custody of the Economic and Financial Crimes Commission (EFCC).
Professor Iwu is facing four charges of concealment, fraud and money laundering to the tune of N1.2bn, to which he has pleaded not guilty.
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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 has, however, pleaded not guilty to the charges, and his lawyer, Ahmad Raji (SAN) has asked the court to grant him bail on the grounds of self-recognizance and secondly on liberal terms.