A former Independent National Electoral Commission, INEC, Chairman, Prof. Maurice Iwu, has been granted bail to the tune of N1 billion.
The bail was granted by the Federal High Court in Ikoyi, Lagos, on Friday.
He was arraigned for alleged involvement in money laundering involving N1.2 billion.
EFCC said the money was part of the N23.29 billion public funds that was claimed to have been diverted and shared by former Minister of Petroleum Resources, Diezani Allison-Madueke.
The money was believed to have been earmarked to influence the outcome of the presidential election held in 2015.
The money was said to have been kept in the bank account of Bioresources Institute of Nigeria Limited domiciled in the United Bank for Africa, UBA.
Iwu was detained on Thursday following his arraignment on the order of the court presided over by Justice Chuka Obiozor.