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The defendants, Adepoju Joel, 37, and Sangolade Olakunle, 41, whose house addresses were not provided, were arraigned on charges of conspiracy and stealing, to which they pleaded not guilty.
The Chief Magistrate, Mrs Olabisi Ogunkanmi, admitted the defendants to bail in the sum of ₦5 million each, with two sureties each.
Ogunkanmi said one of the sureties must be a blood relation to each of the defendants.
She thereafter adjourned the matter till October 23, for a hearing.
Earlier, the prosecutor, Cpl. Akeem Akinloye had told the court that the duo allegedly conspired together to commit the offence.
Akinloye said the defendants had on February 20 at about 9:30 p.m. at the Ikolaba Government Reservation Area in Ibadan allegedly stolen the bus valued at ₦28.5 million.
He said the offence contravened section 390 (10A) of the Criminal Code Laws of Oyo State 2000.
The News Agency of Nigeria (NAN) reports that anyone found guilty of the offence is liable to a jail term of between five and seven years in prison.