Former chairman of the Independent National Electoral Commission, Prof Maurice Iwu, who was charged with an alleged fraud of the sum of N1.23bn, has been admitted to bail in the sum of N1bn with two sureties in like sum.
Justice Chuka Obiozor said, in his ruling on Friday, that one of the sureties must own a landed property in Lagos while the other must be a professor or a civil servant not below Grade Level 16.
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The judge said both sureties must furnish the court with the statement of their bank accounts, showing a minimum balance of N1bn.
The sureties are also to submit their recent passport photographs.
In addition, Iwu was ordered to deposit his passport with the Deputy Chief Registrar of the court.
The judge ordered that he should be remanded in the prison custody pending the fulfillment of the bail conditions.
