Posted by News Express | 31 October 2014 | 3,574 times
Readers of Daily Newswatch across the nation were caught unawares yesterday when they found the newspaper on the newsstand with a different name: Newswatch Times.
There was no official explanation for the sudden name change but a reliable source told News Express that the development was a response to a recent court ruling against the further use of the former name. The source said: “The name change was ordered by the Publisher, Barrister Jimoh Ibrahim. I think it is an attempt to avoid contempt of court that they opted for this new name.”
News Express recalls that Justice Ibrahim Buba of the Federal High Court, Lagos, had on Monday, Octoer 20, nullified the Share Purchase Agreement (SPA) which transferred ownership of Newswatch Communications Limited to Global Media Mirror Limited owned by Lagos businessman, Jimoh Ibrahim.
Justice Buba in a judgment on a suit filed by some minority shareholders of the news outfit challenging the validity of the takeover of the company awarded N15.7 million damages against the respondents.
The court also ordered a stop to further publications of Daily Newswatch, among other reliefs sought by the petitioners.
The minority shareholders who filed the petitioned were Nuhu Aruwa and Prof. Jibril Aminu while the respondents were Newswatch Communications Limited, Global Media Mirror Limited, Ibrahim, Newswatch Newspapers and Corporate Affairs Commission.
Newswatch, Nigeria’s iconic weekly magazine, was taken over by Jimoh Ibrahimin controversial circumstances after buying majority shares of the company.
•Photo shows Jimoh Ibrahim.
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