John Tsoho, the presiding judge, gave the ruling after listening to the arguments of the counsel of prosecution and defence.
“I hold the offence is bailable. I hereby rule that the defendant be granted bail in the sum of N100m in self-recognisance,” he held.
He said the Ngwuta would not need to provide any surety.
Kanu Agabi (SAN), counsel to Ngwuta, had asked the court to grant his client bail on self recognition.
But Charles Adeogun-Philips, counsel to the federal government, objected to the request on the grounds that the defendant would tamper with witnesses and evidence.
The judge held that Ngwuta could not possibly interfere with the case because he was under the radar of security agencies.
Ngwuta is one of the judges who was arrested by the Department of State Services (DSS), on October 8.
Philips had earlier told the court that N27 million was found in the bathroom of the Ebonyi residence of Ngwuta, but he allegedly ordered that the money, which was kept in two bags, should be moved from the location.
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