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.
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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.
Saharareporters
