The EFCC said Iwu would be charged 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, reveal when the former INEC chairman would arrive in court.
The EFCC alleged that between December 2014 and March 2015, Maurice Iwu sneaked N1.2b in the bank account of Bioresources Institute of Nigeria Ltd. domiciled in the United Bank for Africa Plc.
The money was guessed to be part of the N23.29b slush capital allegedly distributed by former petroleum minister, Diezani Allison-Madueke, to alter 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.