Finally, Jimoh Ibrahim loses Newswatch

By admin on 21/10/2014

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The present owner of National Mirror newspapers, Jimoh Ibrahim, a business mogul, has finally lost the ownership of Daily Newswatch and Newswatch magazine through a Lagos High court ruling delivered today.

The court, presided by Judge Ibrahim Buba, declared that Jimoh could not lay claim to the twin publications because he did not pay for the shares of the publishing company.

Two external shareholders of the flagship Newspaper, Nuhu Aruwa, a businessman, and Professor Jibril Aminu, a former minister of petroleum, had approached the court to restrain Ibrahim from parading himself as the owner of Newswatch magazine and the Daily Newswach Newspaper. 

In the judgment, which lasted for one hour, the judge declared: “The argument that the 2nd petitioner (Jibril Aminu), did not testify is of no moment where cases are contended in pleadings.

“The issues for determination must flow from the pleadings; proliferation of issues by the 1st (Newswatch Communications Limited) to 4th(Newswatch Newspapers Limited) respondents is an attempt to take the court outside the issues raised by the pleadings.

“The court agrees with the petitioners that the onus lies on the respondents to prove they have paid for their shares.

“Mr Oyesanya SAN, for the petitioners, has rightly submitted that the issue is whether parties have complied with the Shares Purchase Agreement or not.

“The 2nd (Global Media Mirror Limited) to 3rd (Jimoh Ibrahim) respondents had obligations to pay on or before completion date of the SPA (Shares Purchase Agreement) of 5th May 2011.

“The 1st to 4th respondents ran from the case as raised by the petitioners.

“It is common grounds that several meetings were held before the meeting of 5th May 2011, to bring in the 1st and 2nd respondents into the 3rd respondents.

 

Posted on October, 21 2014

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