• Tuesday, May 28, 2024
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Oyo clamps down on advertising practitioners over N650m debts

Oyo clamps down on advertising practitioners over N650m debts

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

BusinessDay reports that Oyo State Government is being owed over N650 million in revenue default from these advertising practitioners over a period of time.

Oludolapo Eso-Ajanaku, Director-General, Oyo State Signage and Advertisement Agency (OYSAA) stated this after leading an enforcement exercise within Ibadan metropolis.

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

He stressed further that despite the compassion and generosity shown by the State Government over an extended period, it had 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 the Oyo State.

“The ongoing non-compliance has reached a point where it jeopardizes the expansion of Internally Generated Revenue (IGR) of Oyo State”, he lamented.

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.