Maurice Iwu, former chairman of the Independent National Electoral commission (INEC) has been released from Ikoyi Prison, where he was remanded pending the fulfilment of N1 billion bail condition.
Justice Chuka Obiozor had on the August 9 admitted Iwu to bail in the sum of N1 billion and two surerties in like sum.
The judge said the first surety should be resident in Lagos and provide evidence of ownership of property in the state.
The sureties were also required to furnish the court with evidence of payment of tax from three years tax .
The judge also held that the surety would furnish the court with his statement of account with any bank in Nigeria with a passport photograph.
The judge said: “The defendant and sureties shall provide two of their recent passports for court record. The defendant shall cease all manner of communication either directly or by proxy with any of the witnesses the prosecution might call in this matter.
“The second surety must be a civil servant in the state within the grade of level 16 or a professor in any of the universities in Nigeria. The second surety shall provide proof of tax for three years prior to today. Must be resident in Lagos and as proof of address, he shall provide statement of account to which a passport photograph will be attached which the bank shall depose as the true identity of the account holder.
“The defendant shall keep the original copy of his international passport with this court and shall not travel outside the country without the approval of this court. Deputy registrar of the Lagos division shall verify all documents submitted by the defendant and sureties and pending the perfection of bail, the defendant shall be remanded in prison custody at Ikoyi prison.”
Iwu was able to perfect the bail conditions on Friday, a week after the bail was granted.
Iwu's lawyer Ahamed Raji (SAN) confirmed that his client was released from prison custody on Friday after the bail conditions were met.
Iwu is facing a three-count charge bordering on money laundering and conspiracy.
He was alleged to have laundered the sum of N1.2 billion.
EFCC alleged Iwu aide the concealment of the sum of N1, 203,000,000 between December 2014 and March 2015.
The money was in the bank account of Bio-resources Institute of Nigeria Limited domiciled in the United Bank for Africa, UBA Plc.
EFCC said the cash in question was about the election bribery scandal during the 2015 general election.
Iwu pleaded not guilty to the charges.