5 May 2011

Nigeria: Jimoh Ibrahim Acquires Newswatch Magazine

Photo: Leadership
Chairman of the Board of Directors of Newswatch magazine, Mr. Jimoh Ibrahim

Lagos — As part of measures to save the moribund Newswatch magazine, business mogul and Publisher of National Mirror titles, Mr Jimoh Ibrahim, and his turn-around team, Thursday, concluded arrangement for the final acquisition of the magazine when it signed the Memorandum of Understanding (MoU) between the former owner and the new management.

Under the new arrangement, the backlog of seven months staff salary being owed are to be paid by the new management while all debts being owed will also be offset by the new owner.

Addressing members of staff of the magazine yesterday, Ibrahim, who introduced the principal members of his turn-around team, explained that his turn-around mission in Newswatch magazine would not tamper with the editorial build up of the magazine but would be greatly concentrated in the managerial aspect of the company to ensure that the vision of the founding fathers of the magazine does not "go under, but survive."

Speaking further, Ibrahim who expressed confidence in the ability of the editorial departments to deliver also stated that though he has not done a proper diagnosis of the paper but he was relying on the reports submitted by members of his acquisition team who stated that the principal problem of the magazine was that of finance and not incompetence, hence his readiness to invest in the magazine.

While assuring the employees of having no plans of sacking anyone, he explained that those that may be affected are those who joined the company without following the due process or those that have fraudulent promotion or those that are owing the company's money and have not reconciled their accounts.

To demonstrate his readiness to ensure a speedy take-off of the magazine under the new management, Ibrahim explained that the new management has resolved that all the employees of Newswatch magazine will as from today (Friday) commence a training and orientation to upgrade and refresh their knowledge to conform with the realities and aspirations of the new management of the company.

Towards this, all employees of the magazine were directed to report at Nicon Hotel and Suites, Ajah by 8:00 a.m Friday 6th May, 2011for the orientation course that will take them through to Sunday 8th, May, 2011.

While promising a cash injection to take care of the outstanding salary arrears as well as to offset the debt incurred by the company, Jimoh Ibrahim also told the employees to be ready to swap job to any of the companies already in his conglomerate if they so desired.

Among the principal officers that make up the turn_around team for Newswatch magazine is the editor of the magazine, Bala Dan Abu who is saddled with the editorial build_up portfolio, while the position of Mr Ray Ekpu as the C.E.O of the magazine was said to be altered to a higher pedestal.

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