Justice Ibrahim Buba of the Federal
High Court in Lagos has nullified the Share Purchase Agreement (SPA) which
transferred ownership of Newswatch Communications Limited to Global Media
Mirror Limited owned by Lagos based businessman, Jimoh Ibrahim.
Justice Buba in a judgment on a suit
filed by some minority shareholders of the news outfit challenging the validity
of the takeover of the company awarded N15.7 million damages against the
respondents.
The court also ordered a stop to
further publications of Newswatch Daily among other reliefs sought by the
petitioners.
The minority shareholders who filed
the petitioned were Nuhu Aruwa and Prof. Jibril Aminu while the respondents
were Newswatch Communications Limited, Global Media Mirror Limited, Ibrahim,
Newswatch Newspapers and Corporate Affairs Commission.
Breaking News! Court Throws Jimoh Ibrahim Out Of Newswatch
![Breaking News! Court Throws Jimoh Ibrahim Out Of Newswatch]()
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Monday, October 20, 2014
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