The court also ordered them to provide two sureties who must own landed property in Abuja.
On Tuesday, Nnamdi Dimgba, the judge, had remanded Azibaola in Kuje prison pending the determination of his bail application.
But on Wednesday, he ruled that Azibaola was entitled to bail because he had not been proved guilty.
The Economic and Financial Crimes Commission (EFCC) had arraigned Azibaola and his wife on alleged diversion of $40m through One Plus Holdings; a company the accused allegedly owns.
The accused persons had pleaded not guilty to charges when they were read to them.
Following their plea, Aliyu Ali, the prosecution counsel, had asked the court to commence trial, and that the accused be remanded in prison custody.
Chris Uche, the defence counsel, however, told the court that there was a pending application for bail, and he urged the court to grant his request.
He claimed that the accused person had been in the custody of the EFCC despite an order of a high court granting him bail- which he said was flagrantly disobeyed by the commission.
But the court while granting the couple bail, ruled that they would be in prison until the bail conditions were met.