Mr Akinyinka said that the agency received a distress call at12:11a.m., on Thursday from one Mujidat Olalere about the incident.
The general manager said firefighters were quickly deployed to the scene and swung into action, preventing the fire from spreading to more shops.
The fire service boss in Ibadan said more details about the blaze would later be provided.
Shop owners were seen wailing even as they declined to comment on the incident.
The general manager attributed the cause of the fire to an electricity surge.
Mr Akinyinka said that the corpse of the 45-year-old man was recovered from inside the well and handed over to his relatives.
A tanker loaded with petrol has exploded, killing its driver and injuring one other person in Ibadan.
A fire outbreak at a storey building in Ori-Eru, Idikan area of Ibadan, has claimed the lives of a husband, his wife, and their grandson.
No death or injury was recorded early Thursday morning during a fire incident at the University of Ibadan, the institution and Oyo fire authorities have confirmed.
The general manager said the remote cause of the fire incident was traced to the plugging of electrical appliances unattended to.
