N650m debt: Oyo clamps down on advertising practitioners, third-party agents

N650m debt: Oyo clamps down on advertising practitioners, third-party agents

An official of Oyo State Signage and Advertisement Agency on duty

Published By: Kazeem Ugbodaga

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

The Director-General, OYSAA,  Oludolapo Eso-Ajanaku said this on Wednesday, after leading an enforcement exercise within Ibadan metropolis.

Eso-Ajanaku stated that the Oyo State government was being owed over N650 million in revenue default from these advertising practitioners over the period in view.

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 could no longer be sustained.

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

“This enforcement initiative is not only about addressing the current financial discrepancies but also about setting a precedent for accountability and compliance within Oyo State.” he said, adding that the ongoing non-compliance had reached a point where it jeopardized the expansion of Internally Generated Revenue (IGR) of Oyo State.

Oludolapo, therefore, urged all third-party practitioners within the state to promptly address their debts to avoid potential disruptions to their operations.

He stated that the agency reserved the right to approve, terminate, or revoke its engagement with any individual or organization at any point in time if they defaulted in their roles and obligations to the Agency.

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