UNILAG AD
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, August 12, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Special Reports and Investigations
      • Health Specials
    • Features and Interviews
    • Multimedia
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • #PandoraPapers
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
His businesses are troubled

His businesses are troubled

More troubles for Jimoh Ibrahim as Newswatch is suspended

August 8, 2012
Reading Time: 2 mins read
1

Troubles have continued for embattled businessman and Chairman of the Board of Directors of Newswatch magazine, Jimoh Ibrahim, as his staff members accuse him of insincerity after he suspended publication of the weekly magazine.

Mr. Ibrahim, whose company, Global Media Mirror Limited, owns 51 per cent stake in the weekly news magazine, said in a statement that his decision to rest the magazine is to enable him reposition it.

“The decision is taken to reposition the magazine and make it relevant to modern developments, and as such the magazine is due for corporate surgery,” he said.

Newswatch, established 28 years ago, was bought by Mr. Ibrahim’s company in May last year. The company was a household name in Nigeria during the military era particularly in the 80’s and 90’s.

The businessman who also has interests in oil and gas, airline, insurance and other industries explained that “the remains of the magazine will now operate from 159-161 Broad Street, Marina, Lagos to enable us overhaul and reconstruct the old office.”

He said the new office would not house “incompetent staff” of the magazine.

Sources in the magazine however say Mr. Ibrahim’s decision has more to do with his financial troubles than any incompetent staff.

Unpaid wages

Not quite unlike the situation in many media organisations in the country, staff of Newswatch have not been paid salaries and allowances for three months, a member of staff stated.

TEXEM Advert

The source explained that contrary to the promise Mr. Ibrahim made before he was allowed to buy the controlling interest in the magazine, the businessman has refused to pay the salaries of his staff.

“People are angry. He said he has enough money to finance the magazine, that is why it was sold to him,” a staff of Newswatch told Premium Times.

“Now he can’t even pay salaries, how does he want us to survive?”

The source, who did not want his name mentioned for fear of victimization, explained that the crisis took a new dimension when staff were told they had to move from the magazine’s own building on the mainland to Mr. Ibrahim’s company’s headquarters on Lagos Island.

“People who have not been paid for months, you want them to move to a place that will cost more in terms of transportation, how will they cope,” our source asked.

Mr. Ibrahim however claims that he is ready to pay outstanding salaries, to those not in agreement with him.

“Any staff that is not in agreement with the latest development is directed to collect any outstanding salaries from the Accounts department immediately,” he said.

Many of the staff however believe that that is a ploy by the businessman to lay them off.

The problem at Newswatch appears small compared to others Mr. Ibrahim is currently facing with his other companies

A barrage of problems

Mr. Ibrahim, a major financier of the ruling Peoples Democratic Party, is currently facing charges of tax evasion and forgery. He, alongside his airline, Air Nigeria, is already being prosecuted for evading tax, to the tune of N4.86 billion, by the Federal Inland Revenue Service (FIRS).

The FIRS also says Mr. Ibrahim and Air Nigeria forged a tax clearance certificate in order for the airline to get the necessary expatriate quota of pilots.

The operation of Air Nigeria has since been grounded. The company’s lessors have also demanded a return of the aircrafts they loaned to the airline.

Premium Times learnt that the problems at Air Nigeria are also reflecting on Newswatch as the airline owes the magazine millions of naira for unpaid adverts and subscriptions.

Mr. Ibrahim, a former PDP gubernatorial aspirant in Ondo state, is also being investigated by the police over the role his companies, Nicon Insurance Plc, and Nigerian Reinsurance Corporation played in the N32 billion police pension administration fraud.

  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • WhatsApp
  • Share on Tumblr
  • Pocket


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: Call Willie - +2348098788999






PT Mag Campaign AD

Previous Post

More troubles for Jimoh Ibrahim, as Newswatch is suspended

Next Post

Edo PDP candidate defies party, insists on challenging Oshiomhole’s election

More News

Governor Nasir El-Rufai

EXCLUSIVE: El-Rufai to Buhari: Boko Haram puts North-west at risk of ‘total darkness’

August 12, 2022
Osun River

Osun Festival: Devotees defy govt, drink contaminated water from river

August 12, 2022
Rivers state governor Nyesom Wike and former vice president of Nigeria and PDP candidate for 2023 presidential elections, Atiku Abubakar.

2023: Wike sues Atiku, others, asks court to declare him PDP’s presidential candidate

August 12, 2022
Falconets

Costa Rica 2022: Nigeria’s Falconets beat France in group opener

August 12, 2022
Attorney-General of the Federation, Abubakar Malami (Photo Credit: DailyPost)

Nigerian govt has secured 1,000 convictions on terrorism — Malami

August 12, 2022
Bishop Matthew Hassan Kukah on before our glory departs in Nigeria

2023: Kukah slams Buhari, APC over Muslim-Muslim presidential ticket, says decision ‘reprehensible’

August 12, 2022
Read All Comment

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2022 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • DONATE
  • About Us
  • Advert Rates
  • PT Hausa
  • Dubawa NG
  • Careers
  • Contact Us
  • Digital Store

All content is Copyrighted © 2022 The Premium Times, Nigeria