The Federal High Court in Lagos on Friday gave N5m bail to a Lagos-based hotelier, Oliver Nwodo, who was charged with illegal possession of firearms.
The police, last November, arraigned Nwodo before Justice Muslim Hassan on two counts of illegal firearms possession.
He was accused of having in his possession two pump-action guns, marked 9266 and 7061, and 400 cartridges without lawful authority.
According to the police, the hotelier was arrested on August 22, 2017, at Alaba International Market, Alaba, Lagos.
The police claimed that Nwodo could not give a satisfactory explanation as to how he came about the firearms during interrogation by the Federal Criminal Intelligence Department, Alagbon, Ikoyi, Lagos.
The prosecutor, Morufu Animashaun, said Nwodo acted contrary to Section 3(1) of the Firearms Act. Cap. R11, and Section 428 of the Criminal Code Cap. C38, Laws of the Federation of Nigeria, 2004.
Upon his arraignment, however, the defendant pleaded not guilty to the charges.
He had since been remanded in the prison custody until he was admitted to a N5m bail with one surety in like sum by the court on Friday.
The judge ruled that the surety must be a landed property owner in Lagos State, and must show evidence of three years’ tax payment.
He ruled that the surety must also deposit the title document of his landed property and two recent passport photographs with the court’s Deputy Chief Registrar.
The surety is also to swear to an affidavit of means, while Nwodo was ordered to deposit his passport in the custody of the DCR.
The case was adjourned till March 1, 2018.