A Federal High Court sitting in Ikoyi, Lagos headed by Justice Ibrahim Buba, yesterday fixed February 4, 2013 to rule on an application filed by two former directors of Newswatch Communications Limited, publishers of the Newswatchmagazine, Nuhu Wada Aruda and Prof.JibrilAminu.
The court held on January 31, 2013 that it had jurisdiction to entertain the petition filed by the former directors. This made the incumbent publisher and chairman of the media outfit, Dr.Jimoh Ibrahim losein his quest to have the suit instituted against him and others by some aggrieved shareholders of the company dismissed.
Justice Bubaheld in a ruling on the preliminary objection filed by Ibrahim and others, challenging the suit, said it was not only misconceived, but also lacked in merit.
The minority shareholders had filed the suit to challenge the purported method through which Ibrahim acquired the majority shares of Newswatch and his alleged style of managing the company.
The shareholders had urged the court to set aside the contract through which Ibrahim purportedly assumed majority shareholding in the company.
They had stressed that Ibrahim fraudulently acquired the majority shares of the company and has been running the affairs of Newswatch in a manner detrimental to the interest of other shareholders.
Justice Buba dismissed the objection filed by Ibrahim and others, and subsequently fixed February 1, for ruling on a motion for interlocutory injunction seeking to stop further publication of Newswatch Daily pending the determination of the suit.