FHC Revokes Jimoh Ibrahim’s Purchase Of NewsWatch

Justice Ibrahim Buba of the Federal High Court Lagos on
Monday revoked the Share Purchase Agreement, which transferred ownership of
Newswatch Communications Ltd to popular businessman, Mr Jimoh Ibrahim.
Mr Nuhu Aruwa and Prof. Jubril Aminu, both of whom are minority shareholders in the company had filed a petition asking the court to nullify the agreement.
Joined as respondents in the suit are Newswatch Communications Ltd, Global Media Mirror Ltd, Mr Jimoh Ibrahim, Newswatch Newspapers as well as the  Corporate Affairs Commission (CAC)
Delivering judgment in the suit on Monday,
Justice Buba held in their favour and awarded the sum of N15.7m as damages. He also ordered stopping further publications of Newswatch Daily.
“The court grants all the reliefs as set out on the petition at the inception of this case.
“An order setting aside the contract entered into between the first and second
respondents’ companies by virtue of document titled ‘Share Purchase Agreement’,
between the first and second respondents executed in May 2011.
“A consequential order setting aside the Form CAC 2 ( Statement of Share Capital and Return of Allotment of Shares) of the 1st respondent company dated Aug. 27, 2012, and presented for filing by one Gloria A. Ukeje.
“An order directing the 2nd and 3rd respondents jointly and severally to pay special damages in the sum of N15.7m to the first respondent company being loss of business profits since August 2012 till October 2012 when its operations were
unilaterally shut down.” Justice Buba ordered.