On Saturday, It was reported that about 15 shops were ransacked, looted and razed at Agbeni Ologede market, Ibadan by yet-to-be idenfied hoodlums.
Goods worth tens of millions were both stolen and destroyed while the incident lasted.
Unconfirmed source reported that the hoodlums suspected to be from the area launched the attack around 5am and operated for one hour.
He noted that the act was perpetrated by the hoodlums under the pretense of reprisal attack on a rival cult group, in the area.
Some of the residents who noticed the flame from the affected shops alerted officers of the Oyo State fire service around 6am .
It was gathered that the fire fighters who raced to the scene were repelled by the hoodlums, who attacked them with cutlass and other dangerous weapon.
Some of the victims and other traders at the market decried the extent of the damage done by the inferno.
The residents also explained that the day started with pandemonium as a series of gun shots were heard in what seem an exchange of fire between the hoodlums.