Sunday, May 15, 2011
[size=14pt]Jimoh Ibrahim Buys Newswatch Magazine For N1billion[/size]

[img]http://2.bp..com/-Xh8Gq1MKayM/Tc-0eosfNTI/AAAAAAAAC44/oMRjDjHIG-w/s400/ff.jpg[/img]


After 27 years of running the weekly news magazine they co-founded in 1984 with the late Dele Giwa, the trio of Ray Ekpu, Dan Agbese, and Yakubu Mohammed have sold Newswatch to billionaire business man, Jimoh Ibrahim for N1billion. The sold it on Thursday May 5th, 2011 at the Oregun Lagos office of Newswatch with the signing of the Share Purchase Agreement (SPA) between the former owners of the magazine and the new management.

In view of this, the three former owners have since retired from the services of Newswatch. Jimoh Ibrahim, who also owns the National Mirror Newspaper has appointed a new CEO to turn around and restructure the company. - City People Magazine

http://lindaikeji..com/2011/05/jimoh-ibrahim-buys-newswatch-magazine.html

What's the attraction?

mama-gee:

Lame move!

But not surprised at all, that's what we know them for.

How is it lame?

my uncle did it again,
keep it on.

Where does this guy gets his money from, he just keeps buyign everything in sight

^^^^
Ask PDP, FG and the banks.

dare0834:

Where does this guy gets his money from, he just keeps buyign everything in sight

He has a very good credit rating, so the banks are always willing to lend knowing fully well he will pay

honeric01:

^^^^
Ask PDP, FG and the banks.

This is very ignorant and a hate statement, if asked to prove it can you. . . rubbish

Emergency Millionaires like him are fronting for Evill Billionaires like IBB. Since IBB was rumored to have been the one who sent the Bomb to Dele, he would be interested to buy Newswatch to appease the ghost hunting him!

blink182:

This is very ignorant and a hate statement, if asked to prove it can you. . . rubbish

You are the IGNORANT one here, someone was asking where he gets his money from, i suggested three names, the names i suggested SHOULD know where he makes his money from, but you are here spewing rubbish.

when you bank with a bank, don't they ask you for your source of income? they surely would know where he makes his money from.

The FG knows too

And the ruling party should know too

Now, how's that ignorant? you see your ignorance?

i Love this man and his biz moves. making waves in the country and trying to take some of our industries to the greater height.

Jimoh please make the best out of your acquisition.

a number of newswatch staff should get ready to be out of job or expect new policies. Nuff said!

Nice moves. Wishing him the best!

The guy Jomoh Ibahim is using OPM(Other Peoples Money) to do business, those money are readily given by the bank for such purpose as loan to credit worthy profiles/individuals.
Don't be suprise he will keep buying whatever he think will profit him so long banks exist, and most importantly, since he pays back promptly.
If you find yourself such opportunity as this, please take it to the maximum.

dare0834:

Where does this guy get his money from, he just keeps buying everything in sight

I just tire for the man oh. He truly buys everything in sight. . .including ventures that he knows would never be profitable - for instance the National Mirror and now Newswatch (how many people still buy Newswatch or National Mirror?). I'm studing him closely to determine his true motives. What exactly is this billionaire-from-nowhere up to?

i have some reservation about the man though. lemme itemize them,
1. he keeps buying companies with the promise of restructuring. i disagree. he buys to scrap and cover the track of his clique. shebi na company wey you get the records, you go fit investigate.
2. he lacks professionals and technocrats on his board. everything runs on his idea. talk and you are on the danger list.
3. and the guy has worst record for treating his staff. he owes then 2-3 months salary and they beg him to sign the cheque for their salary they have worked for. he gave our official car and later converted it out as car loan for them and even over deducted cost from them.
the list goes on,

Jimoh Ibrahim strikes me as a correct "Money Miss Road Man". He buys up things probably with other peoples money but does nothing afterwards to sustain his investments and keep it profitable.

I live in one of the residential buildings in Lagos which he has bought, and things have only gone from bad to worse practically nothing is being done to refurbish or maintain the building. Some tenants still pay service charge but neither see nor receive the services they are being charged for. Some no longer bother with that. And within a short period of the building being bought over by him and things going downhill 5 families have moved out

With the way he keeps buying things over, he ought to have the brains, ability and competence to improve on things and not make them worse. He needs to get a grip

samtoye:

Emergency Millionaires like him are fronting for Evill Billionaires like IBB. Since IBB was rumored to have been the one who sent the Bomb to Dele, he would be interested to buy Newswatch to appease the ghost hunting him!

so every Nigerian billionaire must have affiliation with IBB

Thank God for his Life.

chei, , ds guy is buyn anythng buyable,,
i just hope J.I wont buy nairaland join ,

hmm, he might o, if it's on the market.

if he makes a good enough offer, would seun take it i wonder?

** not an invitation to 419ers plz**

Jimoh come and Buy Ogun State ohhhhhhhhhhhhhhhhhh

The man is simply fronting for some undercover politicians,

^^^^, how did u come to that conclusion? how.
cant he simply phone the bank for a loan?
stop selling false , unedited rumour pls.

What he does is simple, buy companies who are cash strapped but asset rich. He then use the assets(asset value less depreciation) as collateral to get more money (cash) from banks. When the banks call on the loan, he lets them seize and auction the assets. He has no interest in building any business or improving anything in Nigeria. When he's tired, he sells off the assets and walks away.

He is the proverbial Business Pirate. He destroys and kills any business he gets his hands on, while enriching himself. Ask EAS Airways etc.

Lets watch out what will happen to Newswatch in the next 12-18months.

No matter what u guys say, i love this man!!!!!!!!!! He is my role model

Money wasted,

In view of this, the three former owners have since retired from the services of Newswatch.

so what will they be doing now?

kachi_face:

What he does is simple, buy companies who are cash strapped but asset rich. He then use the assets(asset value less depreciation) as collateral to get more money (cash) from banks. When the banks call on the loan, he lets them seize and auction the assets. He has no interest in building any business or improving anything in Nigeria. When he's tired, he sells off the assets and walks away.

He is the proverbial Business Pirate. He destroys and kills any business he gets his hands on, while enriching himself. Ask EAS Airways etc.

Lets watch out what will happen to Newswatch in the next 12-18months.

Wow! This is why I like Nairaland. Although there are many nitwits and lunatics prowling all over here, there are a few genuinely well informed folks (like you) who would enlighten one more than any 'real life' friend or 'informant' can. I've long suspected this theory of yours, but I've never quite given it shape or form. I think you've partially solved the puzzle concerning why this strange man (Jimoh) likes to buy obviously unprofitable companies. Thanks. The other half of the puzzle concerns how he (TRULY truly TRULY) made his overnight billions in the first place. . . .

Mai Suya:

so what will they be doing now?

See this man, what will you be doing with 1bn? @Op, I'm so disappointed, Dele Giwa's dreams now remains a dream. . .

haba! Nigerians!,don't just critised for d sake of critissm?.Jimoh Ibrahim is a genius take it or leave it!
I wonder how many of u can come from a family of bricklayer father,fish seller mother with seven step mothers and 47 children! and still succeed as much as JIMOH IBRAHIM!
1

kachi_face:

What he does is simple, buy companies who are cash strapped but asset rich. He then use the assets(asset value less depreciation) as collateral to get more money (cash) from banks. When the banks call on the loan, he lets them seize and auction the assets. He has no interest in building any business or improving anything in Nigeria. When he's tired, he sells off the assets and walks away.
1.But d bank has not seized the over 500 petrol stations he bought!,incase u don't know ENERGY petrol station is now littered allover Nigeria
2.He bought virgin airline from d failed Richard brandson with 2 planes but today it now has ten planes!
3.Jimoh's national mirror is d only newspaper dat prints simultaneously in d six geo political zone in nigeria,from six location!
4.Nicon insurance is not doing badly as it has even given birth to about 10 other companies! including nicon hotels and energy bank in ghana.
5.It takes genius like him to identify dead business dat could become profitable!
If u dont believe me go and try :buy a dead company & try reviving it! then u will appreciate what that guy is doing!