Yakubu Mohammed, one of the founders of Nigeria’s first weekly news magazine, Newswatch, has revealed that efforts are underway to regain ownership of the publication from businessman Jimoh Ibrahim.
In his memoir, Beyond Expectations, Mohammed recounted how the decision to expand Newswatch’s operations in 2011 — to include a daily newspaper, a radio station, and an upgraded book company — led the founders to seek new investors. That search, he said, brought them to Ibrahim.
“Ray, Dan, Soji (Akinrinade) and I walked into the warm embrace of Barrister Jimoh Ibrahim in May 2011. There was nothing to indicate to us that we were about to sign the death warrant of our company,” Mohammed wrote.
Initially, Ibrahim promised continuity, retaining the founders as executive directors and consulting editors for two years. But Mohammed alleged that the businessman reneged on key agreements, including payment of the N510 million for 51 per cent of shares, settling instead for N310 million in retirement benefits.
By 2012, Mohammed said, Newswatch had collapsed under unpaid salaries and allowances, with Ibrahim shutting down operations despite protests from the board. The once-iconic magazine, which had survived a 13-day proscription under the Abacha regime, has now been off the streets for 13 years.
Mohammed disclosed that the fallout led to protracted litigation, ongoing for more than a decade. However, he added that the founders are now exploring out-of-court settlements on the advice of prominent leaders, including former President Olusegun Obasanjo and Gen. Abdulsalami Abubakar.
“The calamity that befell us after a handshake with Jimoh Ibrahim was as painful as death,” Mohammed wrote, describing the saga as the most devastating chapter in the history of the magazine.
