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

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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.[Ladun]