The Oyo State Government has directed the construction of outstanding replacement shops at the Bola-Ige International Business Complex, New Gbagi, Ibadan.
New Gbagi Market and the replacement shops
It instructed Hamex Investment Limited to resume and intensify construction of the outstanding replacement shops, amid a dispute between the developer and affected traders over payments and delays.
The government also clarified that the financial arrangement for the construction of the shops was strictly between the traders and the developer.
This was as it insisted that neither the state government, nor the Office of the Governor collected money from the traders.
The state Commissioner for Investment, Trade, Cooperatives and Industry, Professor Salihu Adelabu, made the clarification on Thursday during a meeting with the affected traders and the developer, following complaints over construction delays and disagreements about the cost of the shops.
Adelabu, who was represented by the Permanent Secretary of the ministry, Mr Olajide Okesade, said the ministry intervened after the traders reported difficulties in resolving their disagreements with Hamex Investment Limited.
He explained that the ministry was not involved in negotiating the payments or collecting money from the traders.
He added that information presented during the meeting indicated that the arrangement was based on a verbal agreement rather than a formally executed written contract available to the ministry.
The commissioner warned against reports suggesting that Governor :Seyi Makinde or the state government collected money for the shops and subsequently failed to fulfil a financial obligation.
According to him, the ministry’s involvement has been limited to facilitating dialogue between the parties and finding an amicable resolution.
During the meeting, the traders at the New Gbagi Market raised concerns over variations in the amounts discussed for the shops, citing figures of ₦1.6 million, ₦1.95 million and ₦2 million, respectively, per shop.
They appealed to the developer to honour the agreed terms and accelerate construction to enable them to return to suitable trading spaces and resume their businesses.
Responding to the complaints, the developer and facility manager of Hamex Investment Limited, Alhaji Abdulwahab Abdulhammed, attributed the delays to irregular payments by some traders, rising building material costs and the difficult terrain of the construction site.
He said the shops were designed to be constructed collectively, explaining that delays in payments had affected the pace of work and that the site conditions had increased the quantity of materials required.
The Babaloja-General of Oyo State, Alhaji Abass Yekini Oladapo, urged the parties to act in good faith, fulfil their respective obligations and work towards a peaceful resolution in the interest of the traders and the wider business community.
Following deliberations, the commissioner directed the developer to resume and intensify construction from Friday, 16 October, 2026.
Traders who had yet to meet their agreed payment obligations were also advised to make the necessary payments on or before Friday, 23 October, 2026, to facilitate the completion of the project.
The developer was further directed to submit a formal letter to the ministry upon completion of the shops before handing over the keys to the appropriate parties.
Adelabu also advised that disagreements over proposed increases in construction costs should first be resolved amicably between the traders and the developer.
Where negotiations fail, the parties were expected to return to the ministry for further reconciliation, he further counseled.
He urged the public and media organisations to distinguish between private financial transactions and the government’s intervention to resolve the dispute.
He stressed that the existence of a disagreement does not, without supporting evidence, establish that the government collected the money or abandoned a contractual obligation.
The commissioner reaffirmed the Makinde administration’s commitment to promoting trade, protecting legitimate commercial interests and creating an enabling environment for businesses to thrive across Oyo State.
He assured the affected traders that the ministry would continue to facilitate dialogue within its mandate and encourage both parties to fulfil their respective commitments towards the timely completion of the shops.
