Presentation of 5 million naira cheque to Unity bank representative at Awolowo Market

The lingering loan crisis caused by the redevelopment of Awolowo Matket by Olosha Bus stop along Agege Mogor Road in Odiolowo Ojuwoye LCDA has been settled by the Executive Chairman of the Council, Hon Rasaq Olushola Ajala after a serious disagreement to an agreement over the loan obtained by the private developer to redevelop the market since 2001 with Unity Bank Plc.

The Chairman, Hon. Rasaq Olushola Ajala
      addressing the gathering at the market

According to the Chairman, He made it known that a developer approached the then old Mushin LGA management headed by Senator Ganiu Olarewaju Solomon to redevelop the market through public private partnership to a modern market for 15 years with the hope that he has the financial stand to carry out the redevelopment, not knowing that he went to secure a loan with the approval from Unity Bank. The loan now accumulated to about 1.9 billion naira with compound interest leading to several rumors that the Council has sold the market.

The loan led to serious litigation between the bank and contractor with the Council which resulted in out of court settlement and later reduced the 1.9 billion to 200 Million Naira to be paid by the council.

"This Awolowo market has an historical background of immortalizing our father, Chief Obafemi Awolowo, who has made free education possible and we all grown up to know the market as a source of living for our mothers, fathers, brothers and sisters most especially me because I grew up in this market even hawked when I was growing because my mother owns a shop here which was used to trained me to acquire all necessary education and help me to become who I am today, so if we fold our hands and allow the bank to acquire the market, many traders will not have the opportunity to give their children what my mother has given me. As a government with the interest of people at heart, we decided to pay the agreed 200 million naira to the bank in installment for 40 years by paying 5 million naira at every 15th of the month, which we are paying the 5 millions Naira today for the benefit of the traders and the community at large." Said the Chairman.

The Chairman disclosed that the market is now taken over by the council and promised to improve the market facilities, giving it the desire international standard. He assured the present shop occupiers not to express any form of worries or fear that they are protected as long as they play their part of paying their levies and rent all the time. And assured the people that the loan repayment will not affect the ongoing infrastructural development in the community.

Barrister Yemi Adeshina, Unity bank legal representative

The bank legal representative, Barrister Yemi Adeshina while addressing the gathering said the Chairman's influence in reaching the agreement was highly unprecedented and demonstrated a high level of intelligence and understanding, declaring that if not for the Chairman's cordial relationship, the market would have been a forgotten issue because they have already perfected all procedures to acquire the market and nothing will happen.

Mushin and Odiolowo Ojuwoye Market leaders

Market leaders in Mushin and Odiolowo Ojuwoye present like Alhaja Adebunmi Mufuliat, Mrs Borokinni and Iya loja of Awolowo Market, Alhaja Azeezat commended the Chairman for seeing to the end of the crisis as the council takes ownership of the market for the traders' sake because many of the shop occupiers have almost lost hope and promised that they support the chairman in making sure that the shop occupiers pay their rent promptly.


Dignitaries present at the gathering were traditional rulers led by the reagent of Odi-olowo kingdom, Chief Jimon Amusa Irawo, Odiolowo Ojuwoye LCDA management led by the Head of Administration, Alhaji Shakiru Omotayo, the Council Secretary, Hon Mujeeb Ayinde Daramola, Councilors and supervisors including APC party leaders and members within the community.