TWO weeks after shutting down production at the weekly news magazine Newswatch, Mr. Jimoh Ibrahim took another step Wednesday in easing out Ray Ekpu, Dan Agbese, Soji Akinrinade and Yakubu Mohammed, all founding editors of the company founded by the late Dele Giwa, who died in a 1986 parcel bomb attack at his home in Lagos.
The revelation was made in a statement released by Mr. Ibrahim, which said that the veteran journalists were no longer eligible to remain as board members of the company he acquired last year.
According to Ibrahim, Mr. Ekpu and his senior colleagues lost their rights to remain as board members of Newswatch after they collectively signed on to a 6.1% controlling stake in the company’s assets, which allegedly is beneath the minimum amount required to remain as board members.
In the usual abrasive, condescending style long associated with the aggressive businessman, he insinuated that the journalists were mature enough to know what they were getting into when they signed on to the deal.
“They are knowledgeable and old enough to know the implication of the documents they signed and as such cannot eat their cake and have it,” he said, adding that their benefits were paid in full.
The latest development may not be unconnected with the August 7 suspension of production of the struggling Newswatch brand, a decision that allegedly irked Mr. Ekpu and his senior colleagues of the once-famous news magazine.
According to findings by sharpedgenews.com, the editors, who are also board members, took issue with Mr. Ibrahim’s unilateral decision to close down Newswatch for what he called “corporate surgery,” saying that he violated the terms of engagement even as majority stakeholder.
They thereafter threatened to wrest control of the company from him, saying also that Mr. Ibrahim’s decision was never raised at the company’s board meetings.
It is believed that Mr. Ibrahim, known to be quite abrasive, took offense at being challenged by Mr. Ekpu and his associate journalists, prompting him to get rid of them from the board of directors of the company.
The news magazine, christened Newswatch by ace-journalist Dele Giwa, began production on January 28, 1985 with its founder, Mr. Giwa, as the editor-in-chief. Newswatch’s fortunes have flayed since its October 19, 1986 assassination of Giwa.
Mr. Ibrahim bought a 51% controlling stakes in Newswatch through his media company, Global Media Mirror Ltd., on May 8, 2011, having agreed to pay off all the debts of the news magazine and 7 months in outstanding salaries to the company’s staff. Efforts to confirm if all the terms of the agreement was fulfilled have not been successful.