A 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.
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.
The judgment came a day after the 28th anniversary of the
murder of Dele Giwa, the co-founder of Newswatch magazine, who was killed by
parcel bomb sent to his home on October 19, 1986.
In the suit, two minority shareholders, Mr Nuhu Aruwa and
Prof. Jubril Aminu had prayed the court to quash the said share purchase
agreement.
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.
The court held that the respondents could not prove that they
paid up for the shares, as the petitioners gave evidence to show that the
second to third respondents totally failed to pay for the shares of the
Company.
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