After 27 years of running the weekly news magazine they co-founded in 1984 with the late Dele Giwa, the trio of Ray Ekpu, Dan Agbese, and Yakubu Mohammed have sold Newswatch to billionaire business man, Jimoh Ibrahim for N1billion. The sold it on Thursday May 5th, 2011 at the Oregun Lagos office of Newswatch with the signing of the Share Purchase Agreement (SPA) between the former owners of the magazine and the new management.
In view of this, the three former owners have since retired from the services of Newswatch. Jimoh Ibrahim, who also owns the National Mirror Newspaper has appointed a new CEO to turn around and restructure the company.
Source: City People Magazine