Controversial businessman and Publisher of the National Mirror Newspapers, Jimoh Ibrahim, had his bid to stop a suit challenging his acquisition of Newswatch by two minority shareholders of the magazine rejected by a Federal High Court in Lagos.
The plaintiffs, Nuhu Aruwa and Jibril Aminu, accused Mr. Ibrahim of fraudulent acquisition of the company. They argued that Mr. Ibrahim violated the agreement on which he allegedly assumed majority shareholding of the company.
The trial judge, Ibrahim Buba, while ruling in favour of the plaintiffs on Thursday, described Mr. Ibrahim’s lawyer’s argument that court lacks the jurisdiction to hear the suit as a “huge joke.”
Mr. Ibrahim had argued that the Share Purchase Agreement entered in May 2011, states that only a state High Court could hear cases relating to the agreement.
Mr. Buba declared that the suit was not an abuse of court process and the court had jurisdiction.
The judge will Friday rule on the application by the plaintiffs seeking a restraining order against Mr. Ibrahim from further publishing and selling daily Newswatch newspapers to the public pending the determination of the substantive suit.
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