The Economic and Financial Crimes Commission (EFCC) had arraigned Azibaola and his wife, Stella, for allegedly receiving a $40m contract from office of the National Security Adviser, under Col. Sambo Dasuki and diverting same.
The couple alongside their company, Oneplus Holding Limited, were arraigned on seven counts bordering on money laundering and fraud.
While the court ruled that Stella could continue to enjoy the administrative bail earlier granted her by the EFCC, the judge adjourned till Wednesday to rule on the bail application for Azibaola.
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Azibaola has been in the custody of the EFCC for 72 days before he was taken to court.