Suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, was arraigned at the Federal High Court in Ikoyi, Lagos.
The charges include illegal possession of firearm and ammunition.
The arraignment took place before Justice Nicholas Oweibo, following over six weeks of detention by the Department of State Services (DSS).
Emefiele pleaded not guilty to the charges, and his defense was led by former NBA President, Joseph Daudu.
The defense filed a bail application, which the DSS objected to, claiming not to have been served.
President Bola Tinubu had suspended Emefiele as CBN Governor on June 9, 2023.
The DSS confirmed his custody the next day.
An Abuja High Court ordered the DSS to charge Emefiele within a week or release him on July 13, 2023.
The DSS complied and charged Emefiele with illegal possession of firearms and ammunition before the Federal High Court in Lagos.
The charges include possessing a single-barrel shotgun without a license and having 123 rounds of live ammunition without a license.
Emefiele requested bail on self-recognizance, and the court is yet to rule on the matter.