A storey-building at the Ifeleye Market in Ibadan, the Oyo State capital, was razed yesterday morning.
It was learnt that property worth over N45 million was destroyed in the fire.
The cause of the fire was unknown. Sources ruled out power surge, as there has been power outage in the area for over three weeks.
They said the fire was noticed at about midnight by people living in the building behind the one that got burnt.
The fire would have spread to other buildings but for the timely arrival of men of the State Fire Service. Traders, who sell motor batteries and motorcycle spare parts, said they lost goods and cash to the fire.
Sympathisers flooded the scene, with some helping the victims to salvage a few items.
Mr. Sina Sotunbo, who was yet to overcome the shock as at noon, said he lost goods worth over N20 million.
Sotunbo, a motor battery dealer, said someone phoned him around 1am and told him the building was burning.
He said he rushed to the market but could not help the situation.
Mr. Olusola Olalere, who sells motorcycle spare parts, said he re-stocked his shop on Friday.
Olalere, who is the chairman of the Ifeleye Traders’ Association, said he was informed about the fire a few minutes after midnight.
He said when he got to the scene, all his goods were already burnt.
Olalere said he lost goods worth over N25 million and N1.8 million.
He urged the state government to assist the victims, adding that the loss was too much for them to bear.