24 January 2013

Nigeria: Newswatch - Shareholders Urge Court to Stop Jimoh Ibrahim

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

Lagos — Two shareholders of Newswatch Communications Limited, Messrs Nuhu Wada Aruwa and Prof. Jibril Aminu, have asked a Federal High Court sitting in Lagos, to stop Mr. Jimoh Ibrahim, from publishing or selling any daily newspaper with the name "Newswatch," pending the hearing and determination of the substantive suit.

Other respondents in the suit are Newswatch Communications Limited, Global Media Mirror Limited, Newswatch Newspapers Limited and Corporate Affairs Commission.

Wada and Prof. Aminu are contending that the affairs of Newswatch Communications Limited were being conducted in a manner that is illegal and oppressive to them and in disregard of their interests.

They argued that Global Media Mirror Limited and Mr. Ibrahim, in furtherance of the said objective, had shut down the operations of the Newswatch Communications Limited, and stopped the publication of Newswatch Magazine since August 2012 till date.

The applicants are further contending that Global Media Mirror Limited and Mr. Ibrahim, in particular had fraudulently hijacked and taken over the Newswatch Communications Limited without due process and without the proper authority of the said company's shareholders.

They alleged that Jimoh's company floated the Newswatch Newspapers Limited wherein they fraudulently gave to themselves majority shares without the knowledge and consent of the petitioners or indeed the other shareholders of Newswatch Newspapers Limited.

The petitioners had complained in their substantive suit that Global Media Mirror Limited had concluded plans to replace Newswatch with a daily newspaper with the name of Newswatch.

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