A conglomerate of medium scale business factories involved in nylon and plastic production worth billions of Naira were on Sunday burnt to ashes in Ibadan, the Oyo State capital.

The factories are situated around Oni Memorial hospital, off Bashorun MKO Abiola way, Ibadan.

The incident, Galaxy News gathered was traced to an electric spark from an electric pole when the Ibadan Electricity Distribution Company (IBEDC) restored power to the area.

The only person that got wind of the spark was one of the security guards on duty who put calls through to owners and neighbours to rescue the situation.

The mini production factories, it was gathered had been a hub of SMEs in the last 16 years within the neighbourhood operating in a series of mass production of plastic, nylon materials for Nigerian markets.

About 15 production factories, over 60 machines, raw materials and produced goods ready for delivery within the premises were burnt to ashes.

Some of the machines burnt to carcass include cutting machine, extruder, injection, punching machine, printing machine, grinding, recycling, pellet machine and raw materials worth over millions of Naira.

The owners, mostly young university graduates among other entrepreneurs operating within the hub were said to rely on a series of loan schemes.

It was gathered that some of the owners who could not control their emotion were rushed to the hospital for stabilization and treatment upon hearing the news.

As at the time filing the story, they were said to be on admission at an undisclosed hospital in the heart of the city.

It was also gathered that about eight water trucks of fire fighting brigades and support service from Zartech fire section were involved in the process which lasted for about four hours.