Court Nullifies Jimoh Ibrahim’s ownership of Newswatch
Federal High Court sitting in Lagos, yesterday, nullified businessman, Mr Jimoh Ibrahim ownership of Newswatch Communications Limited, publishers of Newswatch publications by quashing a Share Purchase Agreement, SPA, which transferred ownership of the newsmagazine to Ibrahim.
Two minority shareholders — Nuhu Aruwa and Jubril Aminu — had filed a petition, urging the court to nullify the agreement which transferred ownership of the company to Mr. Ibrahim.
The court also awarded N15.7 million damages against the respondents as well as halted further publications of Newswatch Daily among other reliefs sought by the petitioners.
They had also asked the court to restrain the respondents from publishing and selling to the public, Newswatch daily and weekend magazines.
Respondents were Newswatch Communications Ltd, Global Media Mirror Ltd, Mr Jimoh Ibrahim, Newswatch Newspapers and the Corporate Affairs Commission.
In his judgment, trial judge, Justice Ibrahim Buba upheld all the prayers of the minority shareholders.