Adegbe was arrested on February 11 by the Economic and Financial Crimes Commission (EFCC) and later transferred to the custody of the Nigerian army.

The funds is believed to be from the controversial $2.1 billion meant for arms procurement for the military to fight insurgency.

Confirming his release, Adegbe's counsel, Ogwu Onoja, said he was freed today, March 4, following the Tuesday order of Justice Yusuf Halilu of the Federal High court, Abuja.