NN24, the satellite TV station promoted as Nigeria and Africa’s answer to CNN, suffered a premature death partly because of fund diversion, it has been revealed.

A top-level source in NN24 informed Transport & Business Express that huge sums of money meant to be used to run the company ended up being transferred abroad and used for things not in any way connected to the operations of the ill-fated TV station.

“I can confirm to you that the sum of 214,430 British Pounds (about N53 million) was transferred from the NN24 Nigeria project to the UK ostensibly for the setting up of NN24 UK but was then removed for personal use,” the source, who pleaded anonymity, told Transport & Business Express.

Transport & Business Express contacted NN24 Founder and CEO, Mr. Tony Dara, by e-mail, requesting his reaction but he wouldn’t do so despite being reminded and given weeks to respond.

It would be recalled that Transport & Business Express had on July 16 broken the story about the closure of NN24, barely two years it was launched amid fanfare in May 2010.

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. The company is heavily indebted to staff and banks, among others. Mr. Dara is believed to be currently in the UK, where he is said to be working on a similar project. Transport & Business Express has shifted its investigations to the UK and will publish updates in due course.

*Photo shows NN24 Founder and CEO, Mr. Tony Dara