A Federal High Court sitting in Lagos has ordered that Professor Maurice Iwu be remanded in custody of the Economic and Financial Crimes Commission (EFCC), till Friday when his application for bail will be heard.
Prior to the remand order, the EFCC had arraigned the former INEC Chairman before Justice Chuka Obiozor on a four count charge of concealment, fraud and money laundering of N1.2billion.
In the charge filed against the former INEC Chairman, the EFCC alleged that Professor Iwu aided the concealment of the sum of N1, 203,000,000 between December 2014 and March 2015.
The sum was said to be in the bank account of Bioresources Institute of Nigeria Limited and domiciled in the United Bank for Africa, UBA Plc.
The money is believed to be part of the N23.29b slush fund allegedly shared by former petroleum minister, Diezani Allison-Madueke, to influence the outcome of the 2015 presidential elections.
Professor Iwu pleaded not guilty to all the charges.