Justice Nicholas Oweibo of the Federal High Court 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 charges preferred against him.
Emefiele who was arraigned before a Federal High Court in Lagos, is facing a two-count charge that borders on illegal possession of firearms and ammunition preferred against him.
The suspended CBN boss is accused of possessing a single-barreled shotgun (JOJEFF MAGNUM 8371) without a license.
The alleged offense is said to have contravened Section 4 and Section 8 of the Firearms Cap F28 laws of the Federation Act 2004 and is punishable under Section 27 (1)(b) (I),(II) of the same Act.