Nigeria's much-hyped satellite TV station, NN24, has folded up barely two years after it was launched with much fanfare.
The company's head office at Oregun, Ikeja, Lagos, has been locked while Diamond Bank, to which the company is heavily indebted, is said to be looking for the promoter, Chief Tony Dara, whose whereabouts remain unknown.
Transport & Business Express reports that NN24(full name Networknews24) was promoted as Africa's answer to CNN (Cable news Network) when it was launched in May 2010 but that the lofty dream was soon cut short by mismanagement.
NN24 debuted as a 24-hour station on DSTv as Nigeria's first 24-hour news channel but cut down transmission to 13 hours in just about a year of operation. By then staff were owed eight months salary and some of the best hands left for greener pastures.
"It was a real nightmare working for NN24. I left my previous place of work to join it after being made an irresistible offer but I never got a kobo for the ten months I was there before we shut down," one of the former staffers lamented to Transport & Business Express.
Chief Dara, who founded NN24 in 2008 served as its CEO, previously worked with the Nigerian Television Authority (NTA) before relocating to England, where he worked for ITV Central and Bloomberg TV, among others.

Source http://brandstv.tv/nn24-nigerias-news-channel-folds-up/

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does that means nothing can work in this country? i still dont get it why nigerians hardly sustains anything talk more of being competitive, even in our on backyard. its really sickening.

Come to think of it, isn't it this same station that organized a Kangaroo presidential debate that GEJ refused to honour? The Federal might has finally grounded it.

emmyitodo: does that means nothing can work in this country? i still dont get it why nigerians hardly sustains anything talk more of being competitive, even in our on backyard. its really sickening.

There goes another person projecting one man's failure onto the whole 'Nigeria'. Please focus on Mr Dara and leave 'Nigeria' out of it. There are millions of businesses operating profitably and efficiently in Nigeria.

He is waiting for 2015 presidential debate.

Unfortunately, the dude did not do his homework VERY WELL. Result of a bad business plan.

manny4life: Unfortunately, the dude did not do his homework VERY WELL. Result of a bad business plan.

you mean he didnt partner the govt well well, media business in nigeria is largely govt centric, look at channels they are now flossing big time now
though they were doing aiiite before, not you get ministers even going to them before going to nta- that's what i noticed anyway

NEXT and NN24 had similar problems - attempt at independent and objective reporting to be funded by private sector patronage which are meagre and unsustainable.

AIT is heavily indebted but no bank can foreclose on it because Dokpesi works with all politicians who can pay his price. He worked for PDP to install GEJ and ACN to install Oshiomole. He's working for LP in Ondo. His most important scruples is CASH and other things can follow. That way, he's able to fund his diesel cost for 24 hrs broadcast. And he has a way of owing his staff for months and still remain on air. He sews plenty Ankara dresses for his news presenters to make them look presentable and pops into the newsroom once in a while to keep the plastic smiles on the faces of the staff. Plus he's got one of his wives on ground to checkmate any brewing 'Arab spring'. I recommend the Raymond Dokpesi model for any aspiring media rookie or returnee.

^^^Funny guy...

floriana: NEXT and NN24 had similar problems - attempt at independent and objective reporting to be funded by private sector patronage which are meagre and unsustainable.

AIT is heavily indebted but no bank can foreclose on it because Dokpesi works with all politicians who can pay his price. He worked for PDP to install GEJ and ACN to install Oshiomole. He's working for LP in Ondo. His most important scruples is CASH and other things can follow. That way, he's able to fund his diesel cost for 24 hrs broadcast. And he has a way of owing his staff for months and still remain on air. He sews plenty Ankara dresses for his news presenters to make them look presentable and pops into the newsroom once in a while to keep the plastic smiles on the faces of the staff. Plus he's got one of his wives on ground to checkmate any brewing 'Arab spring'. I recommend the Raymond Dokpesi model for any aspiring media rookie or returnee.

You be "winch" for Jesus? You are a genius for real.

same thing wit HI TV.

floriana: NEXT and NN24 had similar problems - attempt at independent and objective reporting to be funded by private sector patronage which are meagre and unsustainable.

AIT is heavily indebted but no bank can foreclose on it because Dokpesi works with all politicians who can pay his price. He worked for PDP to install GEJ and ACN to install Oshiomole. He's working for LP in Ondo. His most important scruples is CASH and other things can follow. That way, he's able to fund his diesel cost for 24 hrs broadcast. And he has a way of owing his staff for months and still remain on air. He sews plenty Ankara dresses for his news presenters to make them look presentable and pops into the newsroom once in a while to keep the plastic smiles on the faces of the staff. Plus he's got one of his wives on ground to checkmate any brewing 'Arab spring'. I recommend the Raymond Dokpesi model for any aspiring media rookie or returnee.

lol

Great

floriana: NEXT and NN24 had similar problems - attempt at independent and objective reporting to be funded by private sector patronage which are meagre and unsustainable.

AIT is heavily indebted but no bank can foreclose on it because Dokpesi works with all politicians who can pay his price. He worked for PDP to install GEJ and ACN to install Oshiomole. He's working for LP in Ondo. His most important scruples is CASH and other things can follow. That way, he's able to fund his diesel cost for 24 hrs broadcast. And he has a way of owing his staff for months and still remain on air. He sews plenty Ankara dresses for his news presenters to make them look presentable and pops into the newsroom once in a while to keep the plastic smiles on the faces of the staff. Plus he's got one of his wives on ground to checkmate any brewing 'Arab spring'. I recommend the Raymond Dokpesi model for any aspiring media rookie or returnee.

But John momoh is doing well and his business model cant be any more different from Dokpesi's.

antitpiah:

But John momoh is doing well and his business model cant be any more different from Dokpesi's.

John Momoh is running cash and carry with slow but steady organic growth. He will go under if he attempts to owe half of Dokpesi's debt.

floriana:

John Momoh is running cash and carry with slow but steady organic growth. He will go under if he attempts to owe half of Dokpesi's debt.

That's so true! He's really been careful of his decisions and i think that's why he's still in the business. It's very easy to pack-up in media business.

Power supply problem alone is capable of bringing any company down talk-less of mismanagement and many other issues.