The popular Araromi Market at Agodi-Gate in Ibadan, the Oyo State capital went up in flames in the early hours of Saturday.
The fire, which reportedly started around 2a.m. destroyed properties worth millions of naira.
As of the time of this report, firefighters were still working tirelessly to bring the blaze under control.
The cause of the fire is yet to be determined, with investigations ongoing.
This incident occurred less than 12 hours after another tragic fire incident claimed the lives of a man, his wife, and their grandson in a storey building at Ori-Eru in the Idikan area of Ibadan.
General Manager of Oyo State Fire Services Agency, Akinyemi Akinyinka, confirmed the earlier incident, saying efforts were ongoing to determine the cause of both incidents to prevent further tragedies in the ancient city.