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DTN hails takeover of company by AMCON

By Kenechukwu Iruomah

The Board and Management of Folio Communications Limited, owners of Daily Times of Nigeria (DTN) have hailed the takeover of the company by the Asset Management Company of Nigeria (AMCON).

A statement by its Media/Publicity Adviser, Mr. Bonaventure Melah said the development would save the Newspaper from the threats posed by undue interference.
The statement reads: ‘’As law-abiding citizens operating a responsible corporate entity, we believe that the takeover of DTN by AMCON will help to save Nigeria’s heritage Newspaper and stop the dissipation of its assets by some property scavengers.

‘’Our Company, Folio Communications Limited bought and fully paid for Daily Times of Nigeria in 2004 through a widely publicised and transparent privatisation process. DTN was duly handed over to Folio the same year by the Bureau of Public Enterprises. The contest over who owns Daily Times is, therefore, an exercise in futility as we have unflinching confidence in the judiciary to do justice.

“Although we have faced series of litigations and other forms of distractions these past years, we have been able to resuscitate and transform DTN from a moribund entity whose equipment was completely obsolete and unserviceable when we took over, to a thriving firm that is now a much sought-after bride in the media industry.
‘’It is noteworthy to state here that on acquisition of Daily Times of Nigeria and in line with our technical bid, DTN operation was unbundled into Entertainment/Lifestyle  Publications and Assets Management.

While Assets and Liabilities remained in the tradename of DTN as a going concern with a clear mandate to manage assets and liabilities, Publications and Lifestyle/Entertainment were moved under the direct management of Folio Communications Limited without encumbrances.
We need to mention also that on the acquisition of Daily Times, we inherited more than 150 disputes worth over N5billion in contingent liability with net asset of about N2billion.’’


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.