Last year business mogul Jimoh Ibrahim who has his hands in many pie acquired major stakes in Newswatch Communications Limited, with a promise then to turn around the fortune of the news group.
But one year down the line, staff of the company are complaining about his managerial style , irregular and non payment of salaries , arbitrary misuse of power etc .
Read the report as written by Daily Independent
An imminent clash is brewing between millionaire businessman, Jimoh Ibrahim, and staff of one of Nigeria’s oldest magazines, Newswatch, over alleged poor conditions of service and draconian management style.
Ibrahim, Chairman of Global Media Mirror Limited, publishers of National Mirror newspapers, had on May 5, 2011 acquired 51 per cent of the shares of Newswatch Communications Limited with a promise to turn around the company as a core investor.
But one year after, all his promises to turn around the fortunes of the company are yet to materialise, as staff are being owed four months’ salary arrears in addition to outstanding transport and production allowances.
The staff are said to be particularly unhappy that one year after promising to buy and install two printing machines for Newswatch, Ibrahim had failed to do anything in that regard.
Besides, former Chief Executive Officer of Newswatch Communications Limited, Ray Ekpu, and other directors of the company are said to be making efforts to reclaim the 51 per cent stake that was acquired by Ibrahim.
For instance, Ekpu and other Newswatch directors, according to sources, had approached former President Olusegun Obasanjo to complain over the way Ibrahim was running the company contrary to the promises he made at the point of acquiring the 51 per cent stake.
Their decision to report was said to have been informed by the fact that Obasanjo was instrumental to the registration of the company with the Corporate Affairs Commission (CAC) in the 1980s.
It is also a common knowledge that Ibrahim is a close associate of the former President.
At the first meeting, the directors complained of the draconian manner in which Ibrahim was running the company and his refusal to abide by the provisions of the agreement signed between the parties.
Obasanjo in turn reportedly invited Ibrahim and confronted him with the accusation, but the businessman was said to have told the ex-President that he owns 100 per cent stake in Newswatch.
But at another meeting which Obasanjo held with Ekpu and Ibrahim last Friday, the former President, according to sources close to the parley, expressed displeasure with Ibrahim when the agreement was presented and it actually confirmed that he (Ibrahim) only bought 51 per cent of the shares of Newswatch.
The company’s directors still retain 49 per cent of the equity.
The meeting was held at Obasanjo’s residence in Ota, Ogun State.
Also, a formal petition has been written against Ibrahim by staff of the company to the Lagos Council of Nigerian Union of Journalists (NUJ), complaining of lack of proper management.
In the petition, the staff complained of poor conditions of service since Ibrahim took over management of the company.
They alleged that his company, Air Nigeria, owes Newswatch N7 million in advert, yet he (Ibrahim) asked the staff to raise money for their salaries themselves.
They alleged further that the business mogul had already ordered that the head office of Newswatch be moved from Oregun to Marina, Lagos, without a board resolution to that effect, and vowed not to abide by the relocation order.
The petition reads in part: “Members of the NUJ Newswatch Chapel have until now exercised caution and restraint regarding the prevailing unbearable working conditions in Newswatch.
“In the last six months, every staff has been working relentlessly to generate revenue for the company and the efforts have paid off on many occasions.
“We have advertisement revenues hanging in various companies including NNPC, Air Nigeria, Federal Mortgage Bank, ECOWAS, etc.
“While we are expecting these funds, the company’s management team has been grappling with lack of working capital, which ought to have been injected in the last one year.
“Worst still, the gates of the company may be locked this Friday, August 3, 2012 by the Lagos State Government for non-payment of the Land Use Charge.
“The editorial department has been incapacitated in the last one year. The library has collapsed.
“You hardly get materials for research, as newspapers are not regularly supplied due to lack of fund. Editorial staff also find it difficult to get money to travel for stories,” the staff lamented.
The petition, which was signed by 13 members of staff of the company, was also copied to Ibrahim himself, Ekpu, Alex Akinyele, Yakubu Mohammed, Dan Agbese and Soji Akinriinade, who are members of the board of the company.
Others copied are General Manager in charge of operations, Bankole Makinde; General Manager in charge of editorial, Bala Dan Abu; and the CEO of Newswatch.
The staff lamented further in the petition that: “We don’t even have seats on which to sit. While new tables had been put in all offices, chairs were not supplied.
“No DSTV to monitor news events in the newsroom in the last four months, toilet facilities have broken down, rats and mosquitoes have taken over newsroom and other offices in the company simply because fumigation has not been carried out in offices in the last one year due to lack of working capital.”
The members of staff are specifically demanding payment of their four months’ salary arrears and upward review of their salary by 300 per cent.
I really feel for d staff of newswatch,airnigeria and oda comp he is tryin to (milk dry) and dump like he did wit EAS. May d Almighty intervane.