Ladipo Market Shut Over Diversion of N60m Council Fund

CYRIACUS IZUEKWE

There was pandemonium at Aguiyi Ironsi International Trade Centre at Ladipo Auto spare parts market in Mushin, Lagos on Thursday after the officials of the Mushin Local Government shut the market over an alleged diversion of N60 million by market developer.
According to officials of Mushin LG, the said Council fund contributed by the traders was allegedly diverted by the market developer, Paramo Development Venture Limited. This made the council officials to storm the market with some armed security from Rapid Response Squad, RRS and chased the traders away from the market before shutting it under down.
The trading activity was stalled as the traders who did not expect the closure ran helter-skelter while attempting  to escape from the market.
The closure of the market, our correspondent gathered, followed the accumulation of Storage fees for several years to the tune of N60m owed the council by the company, Paramo Development Venture.
P.M.EXPRESS gathered that the market was leased to Paramo to develop with the condition that they will be collecting the fees of about N500 per shop from the traders and pay to the council pending when the lease term will elapse.
However, Paramo reportedly collected the fee and refused to remit some of the money to the council for several years which prompted the council to seal the market.
When our correspondent visited the market, the market was still under lock and keys.
Armed security men were at the entrance gate and their RSS truck parked in front of the gate to prevent traders from gaining entrance to the market.
Some of the traders who spoke to our correspondent expressed their anger and said they have paid the accumulated fee to Paramo who did not remit the money to the council.
The chairman of the traders in the market, Comrade Cyril Onyemaechi could not be reached as the traders said he was busy trying to sort the matter so that the market will be reopened.
When our correspondent contacted the Chairman of Paramo, he confirmed the development and said he was going to council to sort out things so that the market will be re-opened.
The market had suffered crises in the past until the council and the State government intervened and restore peace there. The government saw that elections were conducted and the executives elected.
P.M. EXPRESS gathered that after the election the executive resorted to levy each shop and pay accumulated fee of at least N20,000.
The money was collected from over 2,000 shops but was not paid to the Council which led to the closure of the market.
As at the time of filing this report, the market was still shut and leaders of the market was struggling to sort the issue so that the trader will go back and do their normal business.