Billionaire businessman, Mr. Jimoh Ibrahim, on Thursday concluded arrangements for the acquisition of Newswatch magazine with the signing of the Memorandum of Understanding between the former owner of the magazine and the new management.
Under the new arrangement, the backlog of seven months staff salary owed by the old outgoing management will be paid by the new management while all debts being owed by the old management will also be paid by the new owner.
Addressing members of staff of the magazine on Thursday, Ibrahim, who introduced the principal members of his turn-around team, explained that his mission in Newswatch magazine would not tamper with the editorial build up of the magazine.
He added that the new team would concentrate on the managerial aspect of the company to ensure that the vision of the founding fathers of the magazine did not “go under, but survive.”
Ibrahim expressed confidence in the ability of the editorial department of the publication to deliver, stating that though he had not done a proper diagnosis of the paper, he was relying on the reports submitted by members of his acquisition team who stated that the principal problem of the magazine was that of finance and not incompetence.
He assured the workers that none of them would be sacked, except those whose appointments did not follow due process; those who had been “fraudulently promoted, and those who were indebted to the company.
Culled from Punch newspapers