Nigeria's suspended bank chief has made a court appearance over a month after being arrested by the country's secret police.

Godwin Emefiele faced charges of illegally owning a shotgun and ammunition during Tuesday's hearing in Lagos, where he arrived with a large Bible in hand.

Emefiele vehemently denied the allegations.

Despite the government's claim that he posed a flight risk, Justice Nicholas Oweibo granted the 61-year-old bail.

This turn of events marks a significant downfall for a man who had recently considered running for Nigeria's presidency. Although he did not secure the nomination of the ruling party, his decision to pursue it while still serving at the bank drew strong criticism and marked a low point in the institution's history, according to critics.

Before the tightly contested presidential election in February, Emefiele led an unsuccessful effort to redesign the local currency to combat vote-buying.

Many Nigerians view him as a crucial figure in the government of former President Muhammadu Buhari, which presided over eight years of economic turmoil, including two recessions, high inflation, currency devaluation, surging unemployment, and mounting debts.