The saying that all that glitters is not gold is proving true in the case of Newswatch under the management of core investor, Barrister Jimoh Ibrahim.

Despite the impression given by Ibrahim that money with which to run the enterprise is not a problem, News Express can report this morning that staffers are yet to receive their November pay at a time when some companies are already preparing to pay December wages.

As reported yesterday by News Express, Ibrahim, who controversially took over the 27 years old iconic magazine from the founding directors, Messrs Ray Ekpu, Dan Agbese, Yakubu Muhammed and Soji Akinrinade, has directed staff who resumed work on Nov. 1 to turn it into an all-colour 96-page daily. He also plans to reintroduce the magazine, the operations of which he suspended last August 7.

“As I talk, staff who resumed on November 1 in both the newspaper and magazine are yet to be paid. Meanwhile, we understand that Jimoh is contemplating slashing salaries,” an insider told News Express.

It would be recalled that Ibrahim, who bought 51 per cent of Newswatch shares last year, last August announced the sack of the founding directors, asking them to increase their shareholding if they wish to return to the Board. The case remains in court but the Lagos lawyer having won round one by obtaining a court order restraining Ekpu & co. from interfering in the company’s operations.

•Photo: Barrister Ibrahim.