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Over N650M Debt Profile: Oyo Clamps Down on Advertising Practitioners, Third-party Agents

24 April

Reported by Ola for Ibadan Media

The Oyo State Signage and Advertisement Agency (OYSAA) has clamped down on third-party agents and other advertising practitioners for refusing to pay advert bills to the State government coffers.

 

The Director-General, of Oyo State Signage and Advertisement Agency (OYSAA), Mr Oludolapo Eso-Ajanaku said this on Wednesday, after leading an enforcement exercise within the Ibadan metropolis.

 

Mr Oludolapo Eso-Ajanaku stated that the Oyo State government is being owed over Six Hundred and fifty million naira (N650M) in revenue default from these advertising practitioners over the period in view. 

 

Mr. Oludolapo said the decisive action was as a result of an extensive debt profile that has continued to grow, despite repeated encouragement and ample opportunities provided by OYSAA to third–party practitioners to reconcile their accounts and reduce their debt profile.

 

He stressed further that despite the compassion and generosity shown by the State government over an extended period, it has become obvious that the current level of non-compliance can no longer be sustained. 

 

Hence, the burden of unresolved debts necessitates a shift towards more stringent enforcement protocols moving forward.

 

The DG (OYSAA) noted that: “this enforcement initiative is not only about addressing the current financial discrepancies but also about setting a precedent for accountability and compliance within the Oyo State”, adding that, the ongoing non-compliance has reached a point where it jeopardizes the expansion of Internally Generated Revenue (IGR) of Oyo State. 

 

Mr. Oludolapo therefore, urged all third-party practitioners within the state to promptly address their debts to avoid potential disruptions to their operations, stressing that, the Agency reserves the right to approve, terminate, or revoke its engagement with any individual or organization at any point in time if they default in their roles and obligations to the Agency.

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