Tag: Newswatch

  • Tinubu mourns Newswatch co-founder Agbese

    Tinubu mourns Newswatch co-founder Agbese

    President Bola Tinubu has expressed deep sorrow over the death of veteran journalist and Newswatch co-founder, Chief Dan Agbese, describing his passing as a painful and monumental loss to Nigeria’s media landscape.

    Agbese, a celebrated writer, editor and respected public commentator, died on Monday in Lagos at 81. 

    He held the traditional title of Awan’Otun of Agila in Ado Local Government Area of Benue State.

    In a statement by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga, Tinubu said Agbese was a towering figure whose work helped redefine journalism practice in the country.

    The President recalled that Agbese, along with his colleagues at the trailblazing Newswatch weekly magazine, ushered in a new era of investigative and interpretative reporting that set enduring standards for professionalism, ethics and courage in the media.

    Read Also: Akpabio, Mark, Obi, Shehu mourn media icon Dan Agbese

    “Dan Agbese was not just a journalist; he was an institution. His pen shaped public opinion, strengthened democratic discourse, and inspired a generation of media practitioners,” Tinubu said.

    He noted that Agbese served Nigeria with “integrity, courage, and commitment to truth and justice,” stressing that his contributions to the evolution of modern Nigerian journalism would remain indelible.

    “I join his family, particularly his wife, children, and the entire media community, in mourning. May his legacy continue to guide the noble calling of journalism in our nation,” the President added.

  • Newswatch: Jimoh Ibrahim wins at Appeal Court

    The Court of Appeal in Lagos has set aside the judgement of the Federal High Court delivered  on October 20, 2014and affirmed billionaire businessman  Jimoh Ibrahim as the legal owner of Newswatch.

    In a unanimous judgement read by Justice Tijjani Abubakar , the three-man panel of justices said the appeal by lbrahim ” is meritorious and it is hereby allowed. ”

    The judgement was delivered on March 20, this year. Other justices on the panel were Justice Garba Abubakar and Justice Abimbola Obaseki – Adejumo.

    The  justices further said that the trial judge misdirected himself on the issue of the payment of the sum of 510 million Naira for the shares of the company .

    They further ruled that the issue of payment for the share ” becomes res judicata ” since the payment was already litigated upon and Justice Abang has ruled that payment of the said sum was made by Jimoh Ibrahim to the former owners of the company in accordance with clause 6.0 of the share purchase agreement ..

    In the light of the above , they declared that the company was validly acquired.

    The Court further held that all the conditions of the Share Purchase Agreement particularly clause 6.0 were adequately complied with before Jimoh Ibrahim was admitted into the board of the company and subsequently elected as the chairman.

    ” lt is without any doubt, that the lower court erred when it held that 510 million was not paid for the shares, ” the justices said.

    Justice Abubakar declared :  “I think the learned trial Judge apparently missed the point when he only considered questions submitted via originating summons without considering the other processes filed wherein which constitute an integral part of the records before him, particularly the defendant affidavit.”

    The Appeal Court also ruled that the trial judge Buba J of the Federal High Court erred when he held that the “doctrine of estoppel” is not applicable in the present case.

    Ibrahim won the ownership case at a  Federal High Court  . The matter was re-litigated by the defendants before another Federal High Court Court presided over  Buba J who ruled in favour of  Ray Ekpu, Dan Agbese, Yakubu Mohammed and others.

    Ibrahim appealed against the judgement . In a unanimous decision, the appeal court declared that the trial judge ought to have respected the judgement of his learned brother of co-ordinate jurisdiction.

    Justice Abimbola Obaseki-Adejumo  said:  “ipso facto, l  agree with the reasoning expressed in the lead judgement that where a judgement has been delivered by a court, same cannot be subject to review by another court of co-ordinate jurisdiction”

    An elated Ibrahim yesterday said the judgement had now settled the issue of the ownership of Newswatch  He said ” it now beyond contest that  the ownership validly rests in me. ”

    In his reaction to the Appeal Court Judgement Ibrahim commended the appeal court and said that “he lost no sleep on the ownership of the company for a day”

    He said  the judgement has resolved what he called ” the noisy convergence of complexities ” arising from the sale and acqisition of Newswatch.

    “Nigerians now know the truth,” he said, adding that ” the magazine will soon return to newsstands. ”

     

    He dedicated the judgement to the staff of Newswatch, vendors, readers and advertisers who are the victim of the denial of payment of N510million.

     

     

     

     

     

     

     

     

     

     

     

  • Ex-MD: I was not sacked by Newswatch

    Ex-MD: I was not sacked by Newswatch

    FORMER Managing Director of Newswatch Times magazine Dr. Bolu John Folayan has explained that he left the magazine before his “sack” by company’s Chairman Jimoh Ibrahim.

    In a statement yesterday, Folayan said:  “I wish to put the records straight in the matter between me, Dr. Jimoh Ibrahim and Newswatch Times , following the controversy generated by my purported sack on television.

    “The plain truth is that as far back as November 2015, I gave Dr. Ibrahim notification of my intention to leave the services of Newswatch Times magazine with effect from February 29, 2016.

    “On January 11, 2016, I requested from him in writing, an external audit team to investigate the activities of the company under my leadership ‘so that I can respond to any queries while I am still in the service of the company’.

    “My purported sack by Dr. Ibrahim on January 17, 2016, was thus an attempt to pre-empt my imminent exit and embarrass me in public view.

    “It is curious that my purported sack was reportedly announced after some aggrieved Nigeria Union of Journalists (NUJ) members protested the non-payment of Newswatch Times staff salaries on television.”

  • Newswatch: Twenty years after

    Newswatch: Twenty years after

    It all seems like yesterday. But it is a little over twenty years ago that Newswatch, Nigeria’s premier newsmagazine, hit the newsstand with aplomb and dazzling self-assurance. From the premier box of history, it has been a tangled web of turbulent events packed into the two memorable decades. That the magazine itself remains on the newsstand is a tribute to the resilience and dogged professionalism of its surviving founding fathers.

    To say, then, that a lot of water has passed under the Oregun Bridge is a wry understatement. If journalism is indeed history in a hurry, the story of Newswatch also reads like the story of the country it has chosen to report and analyse: a gifted child buffeted by unremitting adversity but somehow managing to survive.

    The magazine has had to contend with the assassination and martyrdom of its founding chief executive, the charismatic and visionary Oladele Sunmonu  Giwa. Many members of the original team have left, some to greener economic pastures, others to become successful publishers in their own right, a few to take up political appointments, one or two to global journalistic distinctions, and a handful to lick their wounds in the punitive socio-economic abattoir of contemporary Nigeria. The magazine itself has survived proscription, declining credibility and relevance, and the clogged arteries of professional vitality. Yet pound for pound, it remains arguably the best produced magazine in Nigeria.

    For yours sincerely, it is also a milestone of sorts. As the first contributing columnist of Newswatch, or to be precise, as the self-described fifth columnist after Dele, Ray, Dan and Yakubu, one has continuously held down a column in Newswatch and magazines directly or indirectly associated with it for the past twenty years. The first five years were with Newswatch itself, the next five with African Concord, Tempo and The News, and the last ten years as the founding columnist and editor at large of Africa Today.

    This is not to mention countless affrays and sorties in other magazines and newspapers against the Nigerian post-colonial state in all its malevolence and intestinal putrefaction. It has been a great pleasure to be a ringside witness and combatant in what may yet turn out to be the defining epoch of post-colonial Nigeria.

    To be sure, Newswatch was not the first newsmagazine published in Nigeria. Before it, there had been some faint-hearted and rather tentative beginnings. But these amateurish precursors cannot begin to match the heroic scale of planning and execution  that went into making a sweet reality out of a lofty dream. Okotie’s Newbreed succumbed to military autocracy and perhaps its own chaotic managerial style.

    The New Nation published by Gbolabo Ogunsanwo, one of the nation’s finest and most accomplished journalists, went under as a result of critical under-funding and manpower shortage. But with Newswatch, the men and the moment seemed to have meshed in perfect historic symmetry. Journalism in Nigeria would never be the same again.

    The seventies were unarguably Nigeria’s golden years. With the horrific carnage of the civil war behind it, with the country awash with petro-dollars accruing from dramatically increased oil revenues, with what is in retrospect a benign and benevolent military dispensation in the saddle, and the rump of a political class yet to go berserk with greed and inanition, Nigeria appeared headed for the moon. To add to this embarrassment of riches was the sheer scale of human capital under-girded by an energetically aware public and a flourishing reading culture.

    The week that Murtala Mohammed was murdered, the Sunday Times sold approximately half a million copies. Thirty years later, with the liberalization of press ownership factored in, the combined sales of all Sunday newspapers in Nigeria does not approach this epic benchmark. The Nigerian middle class has relocated— or evaporated as the case may be.

    The buoyant reading culture and indigenous national intelligentsia of the seventies were the fruits and products of the great feats of social engineering of the fifties and pre-military sixties. During that period, the three regional governments, in healthy and dynamic competition, sought to outdo each other in a frantic march towards modernization and the development of human capital.

    Education was the war-cry throughout the length and breadth of the country, particularly in the west and east which appeared to have been bitten by the bug of westernization and liberal democracy. Public and private schools were modeled on the great learning institutions that so dramatically transformed Victorian Britain from the mid-nineteenth century. It is no surprise that when the products of this great educational ferment arrived in the universities at the end of the sixties, they found themselves at the vanguard of a nation-wide revolt against burgeoning military autocracy.

    Ironically enough, by the time Newswatch made it to the newsstand in early 1985, an irreversible decline had set in for the great Nigerian reading culture. With the regions gone and states substituted, healthy competition and the drive to excel also disappeared and a uniform mediocrity of vision and governance settled in with the central government resembling a huge economic almshouse.

    Even then nothing prepared Nigerians for the shock of the Second Republic: a bazaar of bandits and a conclave of crooks. Virtually all the vital sectors had collapsed by the time the politicians finished with the nation. Education had taken a severe pounding culminating in protracted strikes in higher institutions.

    About this time, a slow but hazily perceptible shift of cultural values began to take hold of the nation. The great tradition of learning and arduous self-education which had produced some of modern Nigeria’s titanic personalities began to give way to the glorification of materialism and economic brigands and the lionization of crooks who had come by easy money. If this development cannot be divorced from the logic of military ascendancy with its distaste and disdain for rarefied convolutions, the ascendant political class, in its eagerness to please its new masters and buy into military “culture”, could also not be absolved.

    While this was going on, while the dominant musical class acquired new patrons and objects of giddy adulation, a major geo-political shift was also rumbling its way through Nigeria’s tectonic plates. Newswatch was born into a national paradox. If its elegant song of freedom was a liberating tonic, if its arrival spoke to the majestic  empowerment of journalists and of the dramatic transformation of Kakawa Street grubbers into arriviste entrepreneurs, this advent also coincided with the advent of a far more ruthless and sophisticated military dispensation bent on totally dominating the Nigerian environment and imposing its will on the political landscape. Compared with the tentative and temporizing gentlemanliness of the Gowon era, the architects of politics as war manoeuvres had arrived, hardened and probably unhinged by the pathologies of a brutal civil war.

    This new military prefecture consisted of officers who had been the military backbone of the Obasanjo interregnum. They had developed a historic contempt for the civilian faction of the political class and justifiably so, given the larcenous fiasco of the Second Republic. They were also privy to the historic weaknesses and resentments of the nation’s dominant intellectual class and had perfected how to convert these to achieve their own objective. In the event, Newswatch was to become an early casualty in the crystallization of this reality of perpetual military domination of Nigeria.  The editors were plucked from the giddy clouds of instant success to the ugly reality of violent and fatal collision.

    If Newswatch had been an ordinary, garden-variety magazine, it might have been spared the brutal confrontation with reality. But immediate success also portends imminent tragedy. After some minor boardroom skirmishes, the magazine struck gold in its choice of chief executive. Blessed indeed is the magazine or newspaper whose chief executive is also a talented writer. Still more blessed if the helmsman were to combine this with sound managerial skills.

    But when a chief executive of a magazine is an exceptional writer, a great administrator and a visionary recruiter and manager of human resources, it is the winning ticket in the sweepstakes. Without showing any hint of a personality disorder, Giwa distilled several contending and occasionally countervailing personas. If his writing skills hinted of the Bohemian artist, his administrative thoroughness echoed the dour Prussian burgher; If his personal flamboyance and exquisite taste recalled the cheeky élan of the French, his entrepreneurial bravura suggested the Yankee “New Deal” wheeler-dealer.

    It was not surprising then that the magazine took off like a rocket. By July 1985, it had become a national sensation. By September of the same year, it had become an essential commodity. Its brilliant edition of the Babangida palace coup quickly sold out, and photocopies were stapled together and sold by intrepid vendors. By the hundredth day of the regime, Newswatch had assumed an iconic status with the editors and the new military establishment viewing each other with the wary respect of superpowers immensely aware of the meaning of nuclear deterrence.

    The chief executive of the magazine was already on first-name terms with the chief executive of the nation, and clearly relished this. There were astonishing and alarming indiscretions. Unlike the famous friendship between Gamel Abdel Nasser and Mohamed Heykal, the revered editor of the authoritative Al-Ahram, this one was not based on any political commonality or ideological congruency. It was rather like the concluding chess game in Bound to Violence.

    Behind the glitz and the glamour, the acutely aware and politically discerning must have felt a sense of foreboding . It was all too good to be true. Newswatch was collecting laurels as well as formidable and powerful enemies. Its major weapon was an uncanny ability to pry into the Byzantine maze of intrigues of the military administration and prise open for the public the malign secrets of unaccountable power .

    It was a profoundly democratizing ploy. But for a military regime that relies on stealth and surprise, that thrives on habitual and often malignant opacity, this was the equivalent of enemy action. Indeed, the soldiers were not alone. To many members of the larger political establishment, the frantic disclosures of shady business deals and their sordid collaborations with the military oligarchy induced panic and fright.

    And since men are killed not because horses are stolen but so that horses may not be stolen, the tormentor in chief had to go, with maximum collateral damage and in such a spectacular fashion calculated to drive the fear of the lord into the most stubborn of infidels. Almost twenty years after, the act still resonates in all its daring and chilling homophobic novelty. In retrospect, it is a miracle how the staff of the magazine, particularly the remaining editors, survived the disorienting trauma of the first four weeks. But survived it they did, and without missing a single edition, too.

    There were those who maintained at that point that the damage had already been done, that the point had been made and Newswatch would never be the same again. Teenagers who have witnessed the ravages of a firestorm would never toy with thunder. A slackening of pace and cooling of investigative ardor might have surfaced. But as if to prove its traducers wrong, Newswatch was back with a bang six months later with a sensational scoop of the report of the Political Bureau .A prompt proscription  that was later converted to a six-month ban was the instant reply. A dark cloud enveloped Oregun.

    For many, the publication of the report was an act of futile and perverse bravado. But in retrospect, it was a singular act of courage which extended the frontiers of freedom, particularly against a repressive military autocracy bent on imposing its will on the nation. Others were to build on this in the final phase of the struggle against military dictatorship.

    By then, a chastened Newswatch appeared to have reached a tense truce and uneasy accommodation with the military oligarchy. But as it is always the case with history and the cult of heroic example, they had already inspired others by their example and the martyrdom of their founding chief executive. All in all, it has been an eventful and worthy outing for Newswatch and its staff.

    Such then is the cunning of history that in the murky ambience of contemporary Nigerian journalism, the surviving founding fathers, whatever their foibles and human failings, are beginning to look like secular saints. Dele Giwa must be smiling.

     

    • First published in 2005.

     

  • Court nullifies sale of Newswatch to Ibrahim

    Court nullifies sale of Newswatch to Ibrahim

    Justice Ibrahim Buba of the Federal High Court in Lagos on Monday nullified the sale of Newswatch magazine to businessman, Mr. Jimoh Ibrahim.

    The judge awarded N15.7 million damages against him, and ordered the immediate stoppage of further publication of Daily Newswatch.

    The court quashed a Share Purchase Agreement (SPA) which transferred ownership of Newswatch Communications Limited to Ibrahim.

    Justice Buba upheld all the prayers of the minority shareholders, saying Ibrahim and others could not prove that they paid for the shares.

    “They have not showed how and when they paid for the said shares, and nothing in paragraph 11 and 18A of the respondents’ statement of defence shows how they paid for the shares.

    “There is no evidence in paragraph 3.0 that the respondents paid on or before May 5, 2011, as stated, as they have only given their interpretation to that paragraph.

    “Whatever monies they spent was spent on Daily Mirror and this was confirmed by DW2 during cross examination. The N510 million was supposed to be paid for shares and not for any other purpose, there is no evidence to show that the shares have been paid for.

    “Besides, it was a company called Global Fleet that paid the N14 million, not any of the respondents who contracted with the first respondent,” the judge held.

    The judge, therefore, granted the Plaintiiffs’ reliefs, namely:  “An order setting aside the contract entered into between the first and second respondent companies by virtue of document titled: ‘Share  Purchase Agreement’ between the first and second respondents executed in May, 2011.

    “A consequential order setting aside the Form CAC2 ( Statement of Share Capital and Return of Allotment of Shares) of the 1st Respondent company dated Aug. 27, 2012, and presented for filing by one Gloria A. Ukeje.

    “An order directing the 2nd and 3rd respondents jointly and severally, to pay special damages in the sum of N15.7 million to the first respondent Company, being loss of Business profits since August 2012 till October 2012 when its operations were unilaterally shut down.”

    The court also held that the petitioners discharged the burden placed on them by proving their case, while the first to fourth respondents failed to do so.

    The minority shareholders, Mr. Nuhu Aruwa and Prof. Jubril Aminu urged the court to quash the Share Purchase Agreement which transferred the company’s ownership to Ibrahim.

    They sought an order restraining the respondents from publishing and selling to the public, Newswatch Daily, Newswatch magazine, Saturday Newswatch and Sunday Newswatch.

  • Wanted: Special, customised training for tanker drivers

    Wanted: Special, customised training for tanker drivers

    I AM quoting from a report on tankers titled: “Getting tankers off the road” published in The Nation, of Tuesday, February 11, this year. It says: “Many lives are lost on the roads to fuel tanker explosions. Should the nation continue to move petroleum products by road in the face of this recurring disaster?”

    Another report by Saturday Newswatch of March 8, this year, titled: ‘Oil Tankers: Death on country’s highway, says: “The incidence of petroleum Tanker accidents has become a source of worry to stakeholders as it has claimed lots of irreparable lives and properties worth billions of Naira.’’

    These reports and others are pointing to the removal or restriction of oil tankers on Nigerian roads.

    I am, however, of a different opinion. If we decide to opt for the movement of petroleum products by rail, how will the train get to the various filling stations in the cities, towns and villages?

    The Bible says, if the foundation be destroyed, what can the righteous do? Imposing a ban on the tankers is not the solution to the incessant accidents they are causing. The main problem is that the foundation of the drivers is very weak. Virtually all the tanker drivers did not attend any driving school and were not given the right professional training necessary for tanker drivers even up till now.

    I have carried out a lot of research work on tanker drivers as well as truck drivers in Nigeria. They are all guilty of the same problem but the case of the tanker drivers are more pronounced because they carry inflammable products. A trip from Lagos to Abuja through Okene and Ekiti and from Abuja to Kano, among others will reveal the gravity of the nuisance of Truck drivers on Nigerian roads.

    Driving goes beyond the movement of a vehicle from one point to another and under normal circumstances, would – be drivers of tankers and other types of articulated vehicles must be made to undergo thorough training programmes which must cover the following topics among others: Vehicle technology, vehicle characteristics, vehicle limits, driving forces (friction, traction, erratic handling, Jack – knifing, trailer swing, gravity, kinetic energy, momentum, centrifugal force, hydroplaning, inertia, forces on the load, loss of control, load shedding, control maintenance etc), analysis of articulated vehicles (weight, width, length, height, distance needed to pull up, distance needed to overtake, control needed when going downhill, power needed to climb uphill. The need to avoid any sudden change of speed or direction), braking system, load restraints, environmental impact, legal requirements, traffic signs and road markings, night driving, driving in adverse condition or bad weather, safe handling of breakdowns, vehicle maintenance, pollution, personal and occupational health issues among others.

    The truth is that the moment the would – be drivers of articulated vehicles are not exposed to the above indepth training and in the language or ways that will make them understand the topics, the result will continue to be catastrophic.

    My research also revealed that despite the high rate of accidents and fatalities involving the drivers of articulated vehicles, their employers are not willing to release them for intensive re-training programmes. I have not seen any employer of tanker drivers that can release his drivers to undergo a one week training.

    Most of the drivers also do not believe that they need further training. Hence, their unwillingness to surrender themselves for training even when their employers want them to undergo re-training programmes.

    It is expedient for drivers of tankers and other types of articulated vehicles and trucks to be compelled to undergo correctional re-training programnme of a duration not less than five days so that they will without compromise be equipped with all the knowledge and skills required to safely drive the vehicles in any environment and condition in Nigeria. Crash training programmes can never correct their weak foundation.

    The governments, government agencies, employers of the drivers, driving schools and the drivers themselves have vital roles to play in this direction to drastically reduce and eventually eliminate the crashes and fatalities involving tankers and other articulated vehicles and Trucks on Nigerian roads. A stitch in time saves nine.

     

  • Newswatch: Ekpu, others to appeal judgment on directorship

    Newswatch: Ekpu, others to appeal judgment on directorship

    Founders of Newswatch magazine – Ray Ekpu, Dan Agbese, Yakubu Mohmammed and Soji Akinrinade have said they would appeal a judgment by Justice Okong Abang of the Federal High Court, Lagos, which declared they were no longer directors of Newswatch Communications Limited.

    Businessman Jimoh Ibrahim, who bought stakes in the company, asked for a declaration that the four men were no longer directors, and cannot declare a trade dispute or speak on behalf of 49 other shareholders.

    The four insisted that they made it abundantly clear with copious documentation that they were still directors of the company since they were reappointed on May 5, 2011, the day of the completion board meeting.

    “During the proceedings our lawyer Kunle Oyesanya (SAN) argued that the matter should be tried by the court asking the parties to file pleadings and call witnesses, but the judge chose to decide the case by originating summons.

    “We vehemently disagree with Justice Abang’s judgment and we have instructed our lawyers to appeal against it without delay,” Ekpu, Agbese and Mohammed said in a statement.

    They noted that Ibrahim’s suit is different from the one filed by two shareholders of the company – Mr Nuhu Aruwa and Prof Jibril Aminu.

    The two filed a minority shareholders’ action to set aside the Shares Purchase Agreement by which Jimoh claimed to have bought 51 per cent shares of the company.

    “We are not a party to that suit which is pending before Justice Ibrahim Buba of the Federal High Court, but we are following it with keen interest.

     

     

     

     

  • Ray Ekpu, others no more shareholders of Newswatch, says Court

    A Federal High Court, Lagos yesterday declared that four former directors of Newswatch Communications Ltd. (NCL), have ceased to be shareholders of the company.

    The ex-directors are: Messrs Ray Ekpu, Dan Agbese, Yakubu Mohammed and Soji Akinrinade.

    Justice Okon Abang, made the pronouncement while delivering judgment in a suit filed by NCL against the directors.

    The communication company had sought a declaration that former directors have ceased to be shareholders of the company.

    Abang had also held that the former directors could not validly declare a trade dispute in a company in which they were no longer shareholders.

    “It is the judgment of this honourable court that the case of the plaintiff succeeds and judgment is accordingly entered in their favour.

    “The reliefs of the plaintiff is hereby granted and cost is awarded against the defendants in the sum of Ñ45, 000.’’

    The News Agency of Nigeria (NAN), report that NCL Chairman, Dr Jimoh Ibrahim and Global Media Mirror, had instituted the suit.

    The plaintiffs prayed the court to declare that the four men had since ceased to be directors of the company.

    The company had also prayed the court to declare that the ex-directors have no competence to declare a trade dispute under a Share Purchase Agreement between them and the NCL.

    They prayed the court to restrain the former directors from embarking on measures which they said might be inimical to the interests of the media outfit.

    On June 14, Mr Bolaji Ayorinde (SAN), counsel representing the plaintiff and Mr Adekunle Oyesanya (SAN), the defendants had both adopted their written submissions, and the court had reserved judgment.

     

     

     

  • Journalist condoles with Newswatch

    The pioneer chairman, Lawyers in The Media (LIM) of the Nigerian Bar Association (NBA), Mr Gbolahan Gbadamosi, yesterday expressed his condolences over the death of Nurudeen Jewola of Newswatch, who died last Sunday. Jewola’s death following a kidney problem spurred Gbadamosi to insist that media owners should provide better security and insurance cover for journalists.

    Last July, the lawyer made a similar call when Oyo State Governor Abiola Ajimobi donated N1 million to an ailing journalist of the African Newspapers of Nigeria (ANN) Plc, publishers of the Tribune titles, Tunde Babajide, who had prostate cancer and was on admission at the University College Hospital (UCH).

    The former Chairman, The Guardian chapel of the Nigeria Union of Journalists (NUJ) expressed his gratitude to Ajimobi and Senate Leader Victor Ndoma-Egba (SAN), who recently donated N1.5 million for the treatment of Jude Okwue of ThisDay, who had a kidney-related ailment.

     

  • Newswatch vs. Jimoh Ibrahim

    Recourse to memory will show it is not often you see Nigerian editors running a newspaper/magazine as a successful commercial enterprise. Newswatch and its editors therefore deserve some credit for running their newsmagazine as an ongoing successful business concern for an unbroken 28 years until they were finally outwitted by Jimoh Ibrahim, a veteran of Nigeria brand of crude capitalism.

    This feat is unmatched in the history of newspaper and magazine publication in Nigeria, The trend has always been either the collapse of editor-managed publications because of incompetence as business managers or as often the case, being outwitted by their more business savvy and ruthless partners.

    And when the end finally came on May 5, 2011 for Newswatch, started in 1984 by the late Dele Giwa and the trio of Ray Ekpu, Dan Agbese, and Yakubu Mohammed, it was as a victim of two factors: incompetence as business managers and the editors over-reliance on idealism as against pragmatism of their adversary whose sole objective as a ruthless capitalist is reducing the weak to servitude that the strong can continue to flourish.

    Jimoh Ibrahim in fact claimed during the signing of memorandum of understanding that based on the reports submitted by members of his acquisition team, “the principal problem of the magazine was that of finance and therefore his new team would concentrate on the managerial aspect of the company”. Under the new arrangement, the backlog of seven months staff salary owed by the old out-going management will be paid by the new management while all debts being owed by the old management will also be paid by the new owner.

    But Ibrahim failed to pay salaries as promised. He also did not show interest in expansion such as building of a new headquarters as recently claimed by Mohammed during the last court proceeding. But Ibrahim dared the ex-editors and rested the news magazine insisting it was “due for corporate surgery”.

    But the truth is as told by Jimoh Ibrahim who now has all the aces it is no more in dispute that he offered N1billion for the control of 52% of Newswatch. It is a fact the ex-Newswatch editors/directors resigned after collecting mouth watering severance packages. Ray Ekpu has at least admitted collecting N79m with an outstanding of N30m Jimoh Ibrahim still held on to.

    The law also seems to side with Jimoh Ibrahim. As Justice Okon Abang who dismissed the case of the Newswatch minority share holders has argued, “since the defendants who had resigned as directors are still claiming to have the right to declare a trade dispute, this is likely to affect the right of majority shareholders, and that gives the majority shareholders locus standi to bring the suit”.

    But besides Ibrahim’s moral and judicial victories, I think it is fruitless fighting against a man that is always ready to fight with might and means and sometimes in public when anything impinges on his rights.

    The other day when Sanusi, the CBN governor lumped his name together with those he claimed contributed to the collapse of many banks as a result of their non-performing’ loans, it would be recalled, Jimoh Ibrahim spent several millions of naira, close to the amount credited against his name on advertorial pages to tell the public that he was not indebted to Oceanic Bank or any bank for that matter.

    When the senate made uncomplimentary remarks about airline operators after the crash of DANA Airline that killed 153, Ibrahim alone hit back at senators he claimed “know next to nothing about aviation but chose to pontificate”. “Just because we elected them”, he thundered, “does not mean they can just talk any how…Let them come to the industry and see if they can successfully manage one aircraft”.

    I also expect my friend Ray Ekpu and his ex-editors to be wary of an adversary who admitted when he started secondary school, he was always the second last in his class. “There used to be 24 pupils in a class. I always got the 23rd position”, he recently told a reporter. Ibrahim today describes himself as a “corporate surgeon specializing in buying sick corporations”. But the available records indicate Ibrahim instead of surgery has often performed autopsy.

    Ray Ekpu also seems to have ignored Ibrahim’s subtle threat who upon being criticized for closing down the Newswatch said: “When God got angry with the Israelites, he unleashed fire on them. I should be praised not criticized. …. I’m not unleashing fire but simply suspending the magazine.” Surely there must be a more subtle way for Ray Ekpu to collect his outstanding N30m without inviting the wrath of Ibrahim.

    I cannot imagine how Ray Ekpu and his colleagues who were dazed by Jimoh Ibrahim’s N1billion will now see themselves as a match to a man who said “I am bigger than Richard Branson”, or who told the governor of his state after an encounter at the airport that “visiting a private aircraft without invitation, when he is not an airport official, is a security risk and amounts to conduct unbecoming of a governor.”

    Above all, Ibrahim has little to lose in terms of reputation in spite scurrilous attack by his political, business and now media adversaries. For doing exactly what he knows how to do best – buy distressed companies that “are assets rich, which he then uses as collateral to borrow more money from banks”, he has been described as “the proverbial business pirate who destroys and kills any business he gets his hands on, while enriching himself”.

    He has been libelled by enemies who alleged he diverted N35b aviation fund meant to support his now dead airlines to NICON Investment Limited claimed to be jointly owned 100% with his wife.

    Jimoh Ibrahim’s envious enemies are not done; they wickedly alleged he converted N10 billion paid by the Accountant-General of the Federation to NICON Insurance Plc for the payment of pensioners to buy himself a Bombardier Challenger 625 private jet.

    Ray Ekpu must note that with all the assaults from different directions, Ibrahim has continued to wax stronger.

    The Newswatch editors have nothing to be ashamed of. They have done well for themselves when one remembers that after being out-witted by British and Nigerian business men that owned the Daily Times, Ernest Ikoli, the editor that gave the paper a character, died in a hotel room with no severance package or a roof over his head. We cannot say the same of Newswatch multi-millionaire former editors.

    Uncle Sam Amuka Pemu aka ‘Sad Sam’ did not get much when he was outmanoeuvred out of The Punch by late business mogul- Aboderin after giving the paper a character. Dr Stanley Macebuh, my boss at The Guardian, gave the newspaper its character but got no severance package after late Alex Ibru, the paper’s financial backbone pushed him out accusing him of divided interest for allegedly selling sugar. Lade Bonuola, his successor did not fare any better; I’m aware he has no mansion in any of Lagos GRAs or anywhere in the country for that matter.

    The ex-editors were given a bloody nose by a veteran operator in Nigeria economic jungle where there are no rules, where those who contributed to the collapse of government owned thriving business concerns such as airlines, hotels, banks’ turned-around, under government’s fraudulent privatization and commercialization programme. They took control with state money, and where, to quote Professor Bolaji Akinyemi my teacher, most Nigerian billionaires cannot account for the source of their wealth.