Justice Chuka Obiozor of the Federal High Court, Lagos on Thursday remanded the former chairman of the Independent National Electoral Commission (INEC), Prof. Maurice Iwu, in the custody of the Economic and Financial Crimes Commission (EFCC) for alleged N1.2 billion fraud.

Iwu was arraigned on a four-count charge bordering on money laundering.

He was alleged to have between aided the concealment of the N1.2billion between December 2014 and March 2015,

The money was lodged in the bank account of Bioresources Institute of Nigeria Limited domiciled in United Bank for Africa PLC.

The money was believed to have been 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.

Iwu was fingered as one of the beneficiaries of the fund, including some INEC officials who are facing trial.

An umbrella organisation for over 150 anti-graft groups, the Civil Society Network Against Corruption, had earlier asked the EFCC to investigate and prosecute Iwu.

Counsel for Iwu, Mr. Ahmed Raji, while moving the motion for bail, told the court that his client had been on administrative bail prior to arraignment and had not missed an appointment or jumped bail.

He also told the court that he had filed a motion challenging the territorial jurisdiction of the court but would like to wait till after bail was determined.

EFCC counsel, Mr. Rotimi Oyedepo, in his response opposed the bail application saying he was served the motion for bail on Thursday morning and needed time to study the particulars.

Responding to Oyedepo’s plea, Ahmed prayed the court to release the defendant to him pending the hearing in the bail application instead of remanding him (defendant) in prison.

However, Justice Obiozor ruled that the bail application could not proceed until the jurisdiction of the court was determined.

He said deciding on application for bail presupposed that the court has jurisdiction over the matter.

Consequently, He consequently directed that Iwu be remanded in EFCC custody until the determination of his bail application.