Over 50 traders at Kuto Market demand the withdrawal of a contract with a developer, fearing exorbitant fees for new stalls.

[dropcap]I[/dropcap]n a dramatic turn of events, over 50 traders at the bustling Kuto Market in Abeokuta South Local Government Area of Ogun State have issued a seven-day ultimatum to local authorities.

They demand an immediate withdrawal of any agreements involving their shops with developer Messrs Y.A. Oshunkoya Ventures Nigeria Limited.

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Prominent among the aggrieved traders are Mrs R.A. Saka, Mrs Jimoh Ogunbodede, Mrs Mopelola Oladipo, Mrs S.A. Oguntade, Mrs Ajadi Oluwatoyin, Mrs Yusuf Falisa, and Alhaja Sifau, who, alongside 43 others, are protesting against the demolition of their long-established stalls.

The traders have also called upon Mrs Kemi Oloyede, the Iyaloja of Egbaland, and the traders’ association she leads, to retract an order that allegedly forces them to vacate their premises.

The notices, dated 2nd and 3rd October 2024, were issued through Paneh Attorneys and sent to multiple authorities, including Governor Prince Dapo Abiodun and the Alake of Egbaland, Oba Adedotun Gbadebo.

The traders assert they have been reliable tenants for the past 30 years, consistently paying rent for their lock-up stalls and open shops.

However, they allege that the developer, in collusion with the local government, has demolished their stalls to make way for new structures while imposing exorbitant fees for their return.

The traders claim that those operating in open stalls with capital between N50,000 and N100,000 are now expected to pay N2,000,000 to reclaim their spots, while those in lock-up shops are facing demands of up to N5,000,000.

Reports indicate that the developer has financed this project through loans from commercial banks, leaving traders in dire financial straits and unable to afford the steep costs.

Many have expressed concern that their livelihoods hang in the balance, with some forced to hawk goods across various markets due to their sudden loss of business premises.

In their notice to the local government, the traders’ legal representatives outlined their grievances, warning that failure to comply with their demands within the stipulated timeframe would result in legal action.

They described the local government’s actions as a conspiracy to extort money from traders struggling under the burden of rising costs, particularly in the wake of economic challenges like fuel subsidy removal.

The traders voiced their dismay at the betrayal from market chiefs, who they believe should advocate for their rights rather than align with external forces that threaten their economic stability.

The ultimatum highlights a growing tension between local traders and authorities, raising questions about the protection of small businesses in the face of development projects.

As the deadline approaches, the traders remain resolute, emphasising their long-standing contributions to the market and the need for immediate intervention to safeguard their livelihoods.