Some sections of the popular Sabo Market in Sagamu Local Government Area of Ogun State was razed by fire in the early hours of Tuesday.
A correspondent of the News Agency of Nigeria who visited the scene reports that no fewer than 100 shops were burnt.
The fire also destroyed goods and valuables worth millions of naira.
An eyewitness told NAN that the inferno started at 1am from the cloth sellers’ section and spread to other sections of the market.
“The cause of the fire was said to be an upsurge when power was restored by the Ibadan Electricity Distribution Company,” he said.
Adetola Soyemi, a shop owner and Chairman of Remo zone of the Ogun State chapter of Table Water and Beverages Producers’ Association of Nigeria, said the traders were counting their losses.
Soyemi said: “It was the electricity that was the restored that created a spark around 1am and if not for the men of fire service, it would have spread to all the sections of the market.”
He listed the affected sections as including cloths, yam flour, grains, herbs, kolanut and building materials sections.