The general manager stated that the incident led to damage to two commercial buildings and a residential apartment.
It was gathered that no casualty was recorded in the incident, but the fire affected six out of the 24 lock-up shops in the area.
Mr Akinyinka said the agency promptly deployed a team to the scene upon receiving a distress telephone call at 1:13 a.m.
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.
