The Economic and Financial Crimes Commission says it is set to arraign former Chairman of the Independent National Electoral Commission, INEC, Prof. Maurice Iwu, over alleged N1.2bn fraud and money laundering.

The commission said Iwu would be arraigned at the Federal High Court in Lagos on four counts bordering on money laundering. Acting spokesperson, EFCC, Tony Orilade, confirmed the planned arraignment on Wednesday.

The commission alleged that between December 2014 and March 2015, Iwu hid N1.2b in the bank account of Bioresources Institute of Nigeria Ltd. domiciled in the United Bank for Africa Plc. The money was 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.

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