He was docked and charged before Justice Nicholas Oweibo sitting at the Federal High Court, Lagos, on Tuesday.
ROYAL NEWS reports that Emefiele was granted bail in the sum of N20 million.
The bail condition includes producing a suretee with landed property within the jurisdiction of the court in Ikoyi, Lagos, depositing his passport and also producing a Civil servant not below level 16 to perfect bail.
The prosecution accused Emefiele of illegally having a single-barrel shotgun (JOJEFF MAGNUM 8371).
The Department of State Services (DSS) brought him to Court amidst tight security.
He was also charged with illegal possession of firearms and ammunition.
According to the government, the offense violates Section 4 of the Firearms Act, Cap F28 Laws of the Federation 2004, and is penalized under Section 27 (1b) of the same Act.
