In a ruling on Tuesday, Justice Nicholas Oweibo of the Federal High Court in Ikoyi, Lagos, granted the bail.

The judge ruled that Emefiele was not a flight risk and that the Federal Government had failed to submit any evidence to support its bail request.

The presiding court declared that Emefiele is eligible for bail after hearing the arguments made by his attorney, Joseph Daudu (SAN).

As a result, Justice Oweibo granted the suspended CBN bail in the amount of N20m with one surety in the same amount.

In addition, the judge mandated that Emefiele be held at the Ikoyi Correctional Centre, pending the perfection of his bail.

Earlier, Emefiele was brought to court by DSS operatives in a Hilux vehicle for his arraignment on a two-count charge of firearm and ammunition possession.

Appearing before Justice Oweibo, Emefiele, 61, pleaded “not guilty” to the two counts of illegal possession of firearm and ammunition filed against him by the Federal Government.

In his submissions, Emefiele’s lawyer, Daudu, urged the court to grant bail on self recognizance or on other liberal terms, pending the hearing and determination of the trial.

Nkiru Jones-Nebo, the federal government’s counsel, rejected the bail request in an oral submission, arguing that the prosecution was not given enough time to react in accordance with the constitutional guarantees of a fair hearing.

She said that the prosecution knew the defendant had the ability to flee and avoid punishment because he had refused to turn in his passport.

According to Jones-Nebo, releasing Emefiele on bail will scare the witnesses who have come forward to testify against him.

The court, however, dismissed the Federal Government and granted Emefiele bail after hearing both parties’ arguments.