Pharmaceutical products worth millions were lost in the resulting fire.
The fire that resulted from the explosion was reported to have spread to some of the adjoining buildings in the vicinity of the pharmacy before firefighters put it out.
According to the Police Public Relations Officer in Osun State, Folasade Odoro, pharmaceutical products valued at N50 million were lost in the explosion.
She said, "One Adebayo Seun of Moore Street, Ile Ife, reported at the 'A' Division that around 10:15 pm, after closing their pharmaceutical shop, someone called him that there was a fire incident in their shop.
"As they turned back to Ife, they discovered that the whole equipment used in the pharmacy, drugs and other goods therein, valued at about N50m, were razed by fire, while the storey-building also collapsed."
While the police said the cause of the fire is unknown with no reported casualty, a resident, identified as Tola, told journalists that one of the people injured in the explosion has died after he was rushed to Obafemi Awolowo University Teaching Hospitals Complex (OAUTHC), according to a report by The Punch.
The resident said, "The building came down around 10 pm on Saturday. The owner of the building died in November 2017 and there was a crisis on the sharing of his property, which included the building.
"The workers at the pharmaceutical company closed around 8:30 pm and we learnt that somebody sneaked into the building and planted the explosive.
"The injured man was taken to the OAUTHC where he died from the injuries he sustained. The victim was one of the owner's family members."
According to The Punch, his claim was corroborated by some of the people at the scene who said the victim died on Sunday, April 9, a day after the incident.
The Ooni of Ife, Oba Adeyeye Ogunwusi, urged residents of the town to remain calm while speaking at a church service on Sunday. He also confirmed the dispute over the property by family members of the deceased owner.
"Vanity upon vanity; the owner of the building is late. The person that worked for it has left this world; it is the family members who are left that are fighting over it," he said.