The security measure was announced in a statement by the council’s secretary, Frank Irabor, on Tuesday.
The council said it had invited Peller to appear before a committee of chiefs but said he had failed to honour the invitation.
The Benin traditional council has issued a stern warning against the politicisation of market leadership, stating that “the concept of Iyaloja is alien to Benin culture”.
The statement said the suspension of John Igiehon, the Izuwako of Benin, and Aimuiukpomonyako Oghogho (Ebengho), the Oyenmwensoba of Benin, is with immediate effect.
He said the money accrued to the traditional rulers under Governor Godwin Obaseki increased.
There will be a handing over ceremony on Saturday between the British High Commissioner to Nigeria and the Oba of Benin.
The Oba of Benin, Ewuare II, has postponed activities marking his fifth coronation and birthday anniversary in honour of the late businessman, Hosa Okunbo.
