Oyo Govt Sets Fresh Deadlines For Completion Of Gbagi Shops

The Oyo State Government has distanced itself from the financial agreement between traders at the Bola-Ige International Business Complex, New Gbagi, Ibadan, and the developer, Hamex Investment Limited, over the construction of replacement shops.

The Commissioner for Investment, Trade, Cooperatives and Industry, Professor Salihu Adelabu, said neither the state government nor the Office of the Executive Governor collected money from the traders for the project.

Adelabu, who spoke through the Permanent Secretary, Mr Olajide Okesade, at a meeting with the affected traders and the developer on Thursday, said the ministry intervened after receiving complaints about disagreements over construction costs and delays in completing the shops.

He explained that the financial arrangement was made directly between the traders and Hamex Investment Limited, adding that the information presented at the meeting indicated that the agreement was verbal rather than a formal written contract available to the ministry.

The commissioner stressed that the dispute should not be presented as though the government or Governor Seyi Makinde had collected money from the traders or reneged on a financial commitment.

During the meeting, the traders raised concerns over changes in the amounts discussed for the shops, citing figures of ₦1.6 million, ₦1.95 million and ₦2 million per shop. They appealed to the developer to honour the agreed terms and speed up construction to enable them to resume business.

Responding, the developer and facility manager, Alhaji Abdulwahab Abdulhammed of Hamex Investment Limited, attributed the delay to irregular payments by some traders, rising building-material costs and the difficult terrain of the site, which he said had increased the quantity of materials required.

He added that the shops were designed to be constructed collectively and that delays in payments had affected the pace of work.

Following deliberations, Adelabu directed the developer to resume and intensify work on the outstanding shops from Friday, October 16, 2026. Traders yet to fulfil their agreed payment obligations were also advised to make the necessary payments on or before Friday, October 23, to facilitate completion.

The developer was further directed to submit a formal letter to the ministry after completing the shops before handing over the keys to the appropriate parties.

The commissioner advised that disagreements over proposed increases in construction costs should first be resolved amicably between the traders and the developer. Where no agreement could be reached, the parties were asked to return to the ministry for further reconciliation.

The Babaloja-General of Oyo State, Alhaji Abass Yekini Oladapo, urged the parties to act in good faith and fulfil their respective responsibilities in the interest of the affected traders and the wider business community.

While acknowledging the traders’ concerns over delays and the difficulties of operating without adequate trading spaces, Adelabu urged the media and the public to distinguish between the private financial dealings and the government’s intervention to resolve the dispute.

He reaffirmed the Makinde administration’s commitment to promoting trade, protecting legitimate commercial interests and creating an enabling environment for businesses to thrive, assuring the traders that the ministry would continue to facilitate dialogue within its mandate.