{"id":32352,"date":"2014-10-20T19:22:49","date_gmt":"2014-10-20T18:22:49","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=32352"},"modified":"2014-10-20T19:22:49","modified_gmt":"2014-10-20T18:22:49","slug":"court-nullifies-jimoh-ibrahims-ownership-newswatch","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/court-nullifies-jimoh-ibrahims-ownership-newswatch\/","title":{"rendered":"Court Nullifies Jimoh Ibrahim’s Ownership of Newswatch"},"content":{"rendered":"
\n
\n
\n
A Federal High Court in Lagos State on Monday quashed the Share Purchase
\nAgreement, which transferred ownership of Newswatch Communications Ltd to
\na businessman, Mr Jimoh Ibrahim.<\/p>\n

Two minority shareholders \u2013 Mr Nuhu Aruwa and Prof. Jubril Aminu \u2013 had
\nfiled a petition, urging the court to nullify the agreement which
\ntransferred ownership of the company to Ibrahim.<\/p>\n

The applicants also sought an order restraining the respondents from
\npublishing and selling to the public, Newswatch daily and weekend
\nmagazines.<\/p>\n

Respondents in the suit are Newswatch Communications Ltd, Global Media
\nMirror Ltd, Mr Jimoh Ibrahim, Newswatch Newspapers and the Corporate
\nAffairs Commission.<\/p>\n

Delivering judgment in the suit on Monday, Justice Ibrahim Buba upheld all
\nthe prayers of the minority shareholders.<\/p>\n

The judge also awarded the sum of N15.7m as damages against Ibrahim and
\nalso gave an order stopping further publications of Newswatch Daily.<\/p>\n

Buba held that the respondents could not prove that they paid up for the
\nshares as the petitioners gave evidence to show that the second to the
\nthird respondents totally failed to pay for the shares of the company.<\/p>\n

Buba said, \u201cThey have not showed how and when they paid for the said
\nshares, and nothing in paragraphs11 and 18a of the respondents\u2019 statement
\nof defence shows how they paid for the shares.<\/p>\n

\u201cThere is no evidence in paragraph 3 that the respondents paid on or
\nbefore May 5, 2011 as stated, as they have only given their interpretation
\nto that paragraph.<\/p>\n

\u201cWhatever monies they spent was spent on Daily Mirror and this was
\nconfirmed by DW2 during cross-examination.<\/p>\n

\u201cThe N510m was supposed to be paid for shares and not for any other
\npurpose; there is no evidence to show that the shares have been paid for.<\/p>\n

\u201cBesides, it was a company called Global Fleet that paid the N14 million,
\nnot any of the respondents who contracted with the first respondent.\u201d<\/p>\n

The judge, therefore, held that the case of the petitioners had merits and
\nso granted all the reliefs sought.<\/p>\n

He said, \u201cThe court grants all the reliefs as set out on the petition at
\nthe inception of this case.<\/p>\n

\u201cAn order setting aside the contract entered into between the first and
\nsecond respondents\u2019 companies by virtue of document titled \u2018Share Purchase
\nAgreement\u2019, between the first and second respondents executed in May 2011.<\/p>\n

\u201cA consequential order setting aside the Form CAC2 ( Statement of Share
\nCapital and Return of Allotment of Shares) of the 1st respondent company
\ndated Aug. 27, 2012, and presented for filing by one Gloria A. Ukeje.<\/p>\n

\u201cAn order directing the 2nd and 3rd respondents jointly and severally to
\npay special damages in the sum of N15.7m to the first respondent company
\nbeing loss of business profits since August 2012 till October 2012 when
\nits operations were unilaterally shut down.\u201d<\/p>\n

The court also held that the petitioners had discharged the burden placed
\non them by proving their case, while the first to fourth respondents
\nfailed woefully to discharge the burden placed on them.<\/p>\n

The petitioners had averred that the 2nd and 3rd respondents purportedly
\ncame into majority ownership of the Newswatch Communications by virtue of
\na Share Purchase Agreement entered into in May 2011.<\/p>\n

They averred that by virtue of clause 3 of the said agreement, the 2nd
\nrespondents purportedly acquired 51 per cent of the company on the
\ncondition that they paid the sum of N510m as price of its shares.<\/p>\n

They added that by clause 4 of the agreement, the money was to be paid on
\nor before May 5, 2011, and that the 2nd respondent was obligated to pay
\nadditional N500m within 90 days after takeover.<\/p>\n

The amount was supposed to serve as working capital for the company.<\/p>\n

The petitioners averred that without complying fully with the
\naforementioned conditions of agreement, the 2nd respondent through the
\ninstrumentality of the 3rd respondent, went ahead and took over full
\ncontrol and management of the first respondent\u2019s company.<\/p>\n

Consequently, they filed the action, seeking to quash the takeover.<\/p>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A Federal High Court in Lagos State on Monday quashed the Share Purchase Agreement, which transferred ownership of Newswatch Communications Ltd to a businessman, Mr Jimoh Ibrahim. Two minority shareholders…<\/p>\n","protected":false},"author":1,"featured_media":19605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-32352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nCourt Nullifies Jimoh Ibrahim's Ownership of Newswatch - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/court-nullifies-jimoh-ibrahims-ownership-newswatch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Court Nullifies Jimoh Ibrahim's Ownership of Newswatch - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"A Federal High Court in Lagos State on Monday quashed the Share Purchase Agreement, which transferred ownership of Newswatch Communications Ltd to a businessman, Mr Jimoh Ibrahim. 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