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Court strips Jimoh Ibrahim of Newswatch ownership

A Federal High Court sitting in Lagos, yesterday (October 20, 2014), stripped businessman, Mr Jimoh Ibrahim of ownership of Newswatch Communications Limited, publishers of Newswatch magazine by quashing a Share Purchase Agreement, SPA, which transferred ownership of the newsmagazine to him.

The court also awarded N15.7 million damages against the respondents (Newswatch Communications Ltd, Global Media Mirror Ltd, Mr Jimoh Ibrahim, Newswatch Newspapers and the Corporate Affairs Commission) as well as halted further publications of Newswatch Daily.

Newswatch management in its reaction has said it would appeal the judgment.


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