Court Sacks Jimoh Ibrahim As Newswatch’s Owner, Stops Sale Of Magazine

A Federal High Court in Lagos on
Monday quashed the Share Purchase Agreement (SPA) which transferred ownership
of Nigeria’s flagship magazine, Newswatch, to wealthy businessman, Jimoh
Ibrahim, Premium Times reports.

Two minority shareholders — Nuhu
Aruwa and Jubril Aminu — had filed a petition, urging the court to nullify the
agreement which transferred ownership of the company to Mr. Ibrahim.

The applicants also sought an
order restraining the respondents from publishing and selling to the public,
Newswatch daily and weekend magazines.

Respondents in the suit are
Newswatch Communications Ltd, Global Media Mirror Ltd, Jimoh Ibrahim, Newswatch
Newspapers and the Corporate Affairs Commission.

Delivering judgment in the suit on
Monday, Justice Ibrahim Buba, upheld all the prayers of the minority
shareholders.

The judge also awarded the sum of
N15.7 million as damages against Mr. Ibrahim and also gave an order stopping
further publications of Newswatch Daily.

Mr. Ibrahim has been locked in a
battle for the magazine’s ownership after its founders purportedly transferred
the majority shares to him in 2011.

Newswatch, established 30 years
ago, was a household name in Nigeria during the military era particularly in
the 80’s and 90’s.