Billionaire businessman, Mr. Jimoh Ibrahim, on Thursday concluded arrangements for the acquisition of Newswatch magazine with the signing of the Memorandum of Understanding between the former owner of the magazine and the new management.



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



Addressing members of staff of the magazine on Thursday, Ibrahim, who introduced the principal members of his turn-around team, explained that his mission in Newswatch magazine would not tamper with the editorial build up of the magazine.



He added that the new team would concentrate on the managerial aspect of the company to ensure that the vision of the founding fathers of the magazine did not “go under, but survive.”



Ibrahim expressed confidence in the ability of the editorial department of the publication to deliver, stating that though he had not done a proper diagnosis of the paper, 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.



He assured the workers that none of them would be sacked, except those whose appointments did not follow due process; those who had been “fraudulently promoted, and those who were indebted to the company.


http://www.punchng.com/Articl.aspx?theartic=Art201105062333492

And there goes the legacies of Dele Giwa.

That magazine died with him in 1986

Addressing members of staff of the magazine on Thursday, Ibrahim, who introduced the principal members of his turn-around team, explained that his mission in Newswatch magazine would not tamper with the editorial build up of the magazine.

believe that u will believe anything. he will tamper with the editorial build up, the news make up, the front page and all editorial views will be his.
the man is buying into newswatch to build his political ambition and advertise his various buss. ventures.
i just cant blame the geezer.

Socially responsibly, I will ok the acquisition, to save a dying legacy, and people. But knowing Jimoh Ibrahim, I will say this is the end of Newswatch's objective, investigative, critical journalism.

@jairu, dony make me laugh this early morning, social what?

Jarus:

Socially responsibly, I will ok the acquisition, to save a dying legacy, and people. But knowing Jimoh Ibrahim, I will say this is the end of Newswatch's objective, investigative, critical journalism.

Same thing I thought. This is the first sad news of the day for me. It's a pity that Newswatch, my best news mag, is winding up like this.

ode remo:

@jairu, dony make me laugh this early morning, social what?

Haha, you too. Jai what?

jokes apart, that newspaper lost me completely when dele died and we were fed all sort of lies whereas the truth was buried by those respected jono.

ode remo:

jokes apart, that newspaper lost me completely when dele died and we were fed all sort of lies whereas the truth was buried by those respected jono.

Which truth might you be talking about? Educate me, please.

Newsmagazining died in Nigeria long time ago. I hardly even read newsmagazines in Nigeria again.
In the early to mid 90's, as a primary and later Junior SS student, I remember how glued I used to be to old man's Tell and Newswatch.
Scoops, interesting revelations, great analyses etc. Those guys fought military to standstill. Dele Omotunde, Ralph Ekpu, Dan Agbese, Yakubu Mohammed, Soji Omotunde, etc.

Every week, you got new things about the political intrigues, and terms like Kaduna mafia, were coined and popularized by this magazines. Oh, good old days of journalism in Nigeria.

Is Tell still publishing?

I seriously dont know what to make out of this.
This Jimoh Ibrahim. . .
I reserve my comment

When a Newsmagazine begins to owe staff of more than 7 months salary, then what legacy are we talking about?
In as much as many people do not like jimoh's face and how he goes about his Ondo Guber ambition, the fact remains that he knows his onions as regards 'TAKE-OVERs'.

End of Newswatch magazine

Surprised though not totally shocking. As one of Nigeria's most popular magazine in the 80's, some people complained that it went downhill after the assasination of Dele Giwa. Have seen the magazine recently and was disappointed by the quality of production of the magazine compared with Tell magazine. My aunt used to admire their style of writing.

I thought this Jimoh Ibrahim has more than enough in his hands already?

He is fast becoming the Buyer-General of Nigeria, from 1006 estates, to Nicon, to Virgin Nigeria and now Newswatch.

OAM4J:

I thought this Jimoh Ibrahim has more than enough in his hands already?

He is fast becoming the Buyer-General of Nigeria, from 1006 estates, to Nicon, to Virgin Nigeria and now Newswatch.

You didnt add: 'Corporate Affairs Chairman!'

Every single investment Jimoh Ibrahim acquired has failed, Ranging from VGC hotel,Nicon insurance,EAS airways,Virgin Nigeria and now to Newswatch. He's a good example of a bad investor. He has an aura of failure around him.

I guess he was influenced by Dora Akunyili, rebranding as that is what he intends to do to himself

I hope this man does not use monopoly money?
His acquisitions do not make sense.

Sounds like he's buying up distressed businesses.