The judge faces a 26-count charge of unlawful enrichment, forgery, taking property by a public officer among others.
The Economic and Financial Crimes Commission (EFCC) arraigned Ofili-Ajumogobia alongside a senior advocate of Nigeria (SAN), Godwin Obla.
They were jointly charged with a two-count charge of perverting the course of justice.
The accused, however, pleaded not guilty to the charges.
Obla was charged with an additional two-counts of offering gratification in the sum of N5 million to Ofili-Ajumogobia during her service as a judge.
While Ofili-Ajumogobia is being prosecuted on a 26-count charge of unlawful enrichment, taking property by a public officer, corruption by a public officer, forgery and giving false information to an official of the EFCC.
The anti-graft agency alleged that on May 21, 2015, Obla intentionally transferred N5 million to Ofili-Ajumogobia via his Obla and Co United Bank of Africa (UBA) account with number: 1015319084 in order to refrain her from acting in her official duties.
The Commission claimed that, on June 5, 2012, the judge, while serving as a justice of the Federal High Court, unlawfully received N18 million through her Access Bank Plc account, which she could not give a reasonable account of.
The agency said between 2012 and 2015 Ajumogobia also received a total of 788,000 dollars from various sources into her Diamond Bank Account with number: 0032091183.
Ofili-Ajumogobia allegedly received N51.1 million into the Diamond Bank account from various sources which did not reflect her source of income as a judge.
The EFCC counsel, Rotimi Oyedepo, requested for an immediate trial after the charges were read.
"My Lord we hereby apply for an immediate, accelerated trial," Oyedepo said.
In his application bail application, counsel to Ofili-Ajumogobia, Olawole Akoni (SAN), pleaded with the court to release his client who has been in the Commission's custody.
Following arguments and counter arguments by the counsels, Justice Hakeem Oshodi granted the accused persons bail in the sum of N20 million.
"The defendants are hereby granted N20 million bail on self recognition and they shall forfeit their international passports," the judge ordered.
Oshodi noted that the offences against the defendants are serious, yet bailable, adding that given their status in society, they pose no flight risk.