According to Economic and Financial Crimes Commision, (EFCC)1.2 Billion Naira was stolen and laundered by Professor Maurice Iwu during his tenure as the chairman of Independent National Electoral Commission and he will have to face the law soon.

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.

He did not, however, disclose when the former INEC chairman would appear in court, PUNCH reports.

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.