A Federal High Court sitting inLagos has ordered that, Maurice Iwu be remanded in custody of the Economic andFinancial Crimes Commission, EFCC, till Friday when his application for bailwill be heard. Prior to the remand order, the EFCChad arraigned the former INEC Chairman before Justice Chuka Obiozor on a fourcount charge of concealment, fraud and money laundering of N1.2billion. In the charge filed against theformer INEC Chairman, the EFCC alleged that Professor Iwu aided the concealmentof the sum of N1.203 billion between December 2014 and March 2015. The sum was said to be in the bankaccount of Bioresources Institute of Nigeria Limited and domiciled in the UnitedBank for Africa, UBA Plc. The money is believed to be part ofthe N23.29b slush fund allegedly shared by former petroleum minister, DiezaniAllison-Madueke, to influence the outcome of the 2015 presidential elections. Professor Iwu pleaded not guilty toall the charges.