The market was said to have been illegally constructed on a plot of land owned by the National Council of Women Societies.
The prosecutor said the convict deceived the complainants into giving her N177,000 to buy yams and rice.
Market leader Folashade Ojikutu, says fishes have been scarce in the lagoon as a result of the dry season.
Traders allege that Mrs Tinubu-Ojo is demanding a bribe of N5 million before Oyingbo market can be reopened.
The traders said they need more time to put befitting structures at the new land allocated to them by the government.
