The Federal High Court seating in Ikoyi has granted N1 billion bail to Professor Maurice Iwu.
EFCC arraign Professor Iwu on four counts charge of concealment, fraud and money laundering to the tune of N1.2bn.
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, pleaded not guilty to the charges, and Ahmad Raji (SAN), his lawyer asked the court to grant him bail on the grounds of self-recognizance and secondly on liberal terms.
Rotimi Oyedepo, the prosecution lawyer, on the other hand, said there was evidence of the possibility of the defendant intimidating or interfering with the witnesses if he was granted bail, and therefore, urged the court to use its discretion not to grant the bail.
After listening to both arguments, Justice Chuka Obiozor granted Professor Iwu bail while requesting for two sureties and insisting that Mr Iwu must not communicate with any of the witnesses.
The judge request he be remanded in Ikoyi prison until he meets the bail conditions.
