Lagos: Yakubu Mohammed, a founding member of Nigeria’s pioneering weekly news magazine, Newswatch, has revealed ongoing efforts to regain control of the publication from businessman Jimoh Ibrahim. Mohammed shared these insights in his memoir, “Beyond Expectations,” highlighting the founders’ determination to reclaim their brainchild.
According to News Agency of Nigeria, Mohammed recounted that in 2011, the founders aimed to expand Newswatch’s operations after 25 years of successful publishing. Their vision included launching a daily newspaper, a radio station, and enhancing their book company and media archive. To realize these ambitions, they sought additional investors, leading to the introduction of Jimoh Ibrahim as a potential core investor by advertisement manager Bankole Makinde.
The preliminary discussions with Ibrahim were initially promising, with the Newswatch team feeling optimistic about the partnership. However, Mohammed noted that this collaboration marked the beginning of a series of unfortunate events for Newswatch Communications Limited. Despite initial agreements, Ibrahim gradually deviated from the terms, including failing to make the agreed payment for his 51% shares and not retaining the founders as executive directors as promised.
The situation worsened when Ibrahim closed down the company in 2012, amid complaints from staff about unpaid salaries and allowances. Mohammed explained that their intervention on behalf of the staff led to their removal as directors and resulted in prolonged litigation, which has persisted for 12 years. Despite these challenges, the founders remain committed to exploring various avenues, including out-of-court settlements, to reclaim ownership of Newswatch.
