By Charles Pemu 
LAGOS — Yakubu Mohammed, a co-founder of the renowned news magazine Newswatch, has revealed a prolonged legal and corporate battle to regain control of the publication from businessman Jimoh Ibrahim. In his new memoir, “Beyond Expectations,” Mohammed describes the 2011 deal that handed over the company as “the death warrant” for the publication.
Mohammed recounts that the founders including himself, Ray Ekpu, and Dan Agbese decided to expand operations to include a daily newspaper and a radio station in 2011. To achieve this, they sought a new investor, leading to a partnership with Ibrahim.
However, the collaboration quickly soured. Mohammed alleges that Ibrahim, who acquired a 51% stake in the company, failed to pay the full N510 million he promised. He further claims that Ibrahim unilaterally shut down the company in 2012 when staff complained about unpaid salaries, an act Mohammed says came after the businessman reneged on his promise to retain the founders as directors.
The dispute has resulted in more than a decade of litigation. However, Mohammed says the founders are now exploring an out-of-court settlement, a move encouraged by prominent figures like former Presidents Olusegun Obasanjo and Abdulsalam Abubakar. After being off the newsstands for 13 years, the fight to reclaim Newswatch continues.