Business mogul, Jimoh Ibrahim, yesterday finalised arrangements for the final acquisition of Newswatch magazine, a pioneer news magazine in the country.
Ibrahim, who addressed members of staff shortly after signing a Memorandum of Understanding (MOU) with the former owners announced that under the new arrangement, the backlog of seven month salary being owed the workers would be paid by the new management while all debts being owed would be offset by the new owner.
He explained that his turn-around mission in Newswatch magazine would not tamper with the editorial build-up of the magazine but would concentrate on the managerial aspect of the company to ensure that the vision of itsfounding-fathers does not “go under, but survive.” He reaffirmed his confidence in the ability of the editorial departments 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 but not incompetenc
