Rescue workers in Nigeria have pulled hundreds of bodies from a canal after a series of explosions at a munitions depot spread panic and shook the commercial capital, Lagos.

Witnesses say at least 500 people were killed and most of them drowned trying to escape the blasts by jumping into a canal. Witnesses say more bodies of victims were also found in the streets in the city's Ikeja district.

Nigerian President Olusegun Obasanjo toured the scene of the devastation Monday and promised a full investigation. He also vowed to assist those who had lost their homes.

Military officials say the blasts erupted when a fire at a street market spread to an army ammunition depot at the Ikeja military base late Sunday. Explosions boomed across Lagos for hours, shattering windows and sending fireballs, debris and plumes of smoke into the sky.

Thousands of people have been left homeless and many residents are reported missing.

In a special emergency broadcast, Lagos State Governor Bola Tinubu appealed for calm, saying the explosions were accidental and dismissing rumors of a military coup.

President Obasanjo's government has been plagued by mounting ethnic and religious violence that has killed several thousand people since military rule ended in 1999.

With 12 million residents, Lagos is the commercial capital of Nigeria, Africa's most populous country.

Some information for this report provided by AP and Reuters.

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