The Federal High Court sitting in Lagos has granted the suspended governor of the Central Bank of Nigeria, Godwin Emefiele bail in the sum of N20 million with one surety in like sum.

Emefiele was granted bail after pleading not guilty to the two counts bordering on the alleged illegal possession of firearms and ammunition.

In a ruling on Tuesday, the presiding judge, Nicholas Oweibo said the charges against the suspended CBN governor are bailable.

The immediate past governor is facing two counts of illegal possession of firearms and ammunition preferred against him by the Federal Ministry of Justice.

The ministry of justice is prosecuting him on charges of possessing a single-barrelled shotgun (JOJEFF MAGNUM 8371) without a licence.

He is also accused of illegally being in possession of 23 rounds of live ammunition (cartridges) without a licence.”

Emefiele arrived at the court in Ikoyi, Lagos,   around 9:18am, with Bible.