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This followed a stern message from Ibrahim that none of the four companies that constitute the media group of his business empire should expect further support by way of subvention from him.
Ibrahim’s sad news came on a day that the Managing Director/Chief Executive Officer of Energy Press Limited, the printing arm of the media group, Adesoye Adekoya, tendered his notice of resignation.
Ibrahim’s media group has National Mirror, Daily Newswatch, Newswatch magazine and Energy Press as independent companies, with varied degree of insolvency.
The least company owes three months salaries and none remits taxes or pension deducted from staff salaries, while none has medical provision or leave bonus for staff.
It was authoritatively gathered that Ibrahim stormed the board room of National Mirror on Broad Street, Lagos on Tuesday, ordered members of the Editorial Board out and summoned an emergency meeting of the management team of the four companies in the media arm of his conglomerate.
His message was clear: they have failed and carried on without focus or direction and their survival henceforth would be dependent solely on their meagre revenue.
In the last seven months, National Mirror is said to be getting a monthly N10 million subvention from Ibrahim, while Daily Newswatch has been on permanent financial support since it started operations in January 2013.
However, sources said Ibrahim has only given the subvention thrice this year, leaving several months of unpaid salaries across the companies, with numerous operational crisis as a result of cash crunch.
Giving them a swim or sink option, Ibrahim reportedly told them the management of each company will have to devise alternative revenue generation models or fold up.
But Ibrahim, who normally boasts of his turn-around expertise and who howls at MDs to drop their knowledge and follow only his instructions, did not give his demoralised management staff any idea on how to rescue the companies in which he is the sole investor.
Consequently, members of staff are said to be dusting their CVs, convinced that they might be witnessing the beginning of the end.
Even the Managing Director of National Mirror, Kafilat Ogbara, a politician, whom Ibrahim hurriedly and curiously appointed in January 2014 as the CEO, is said to have suddenly applied for a casual leave.
Sources said her personal aides revealed that the hijab-wearing lady plans to use the free time to perfect her intention to join the President Goodluck Jonathan campaign team from inception in September.
Acting unperturbed by the death knell he has inadvertently sent to his media group, Ibrahim reportedly said any CEO that wishes to move on should hand over to the next officer in line.
It was learnt that Adekoya’s exit came as a shock to some staff who considered him as a goon to the Publisher.
He was thought to be the direct architect and beneficiary of the separation of the printing press of National Mirror, where he had worked as Production Controller up till June 2013, from the Mirror team.
But he soon lost favour with Ibrahim when staff consistently complained about his alleged sharp practices, bad management style and inability to build on customer-base he took away from National Mirror.
With Energy Press not fulfilling obligations to its creditors and staff, and nearly all the three printing presses breaking down incessantly without Ibrahim coming to the rescue, sources said the 58-year-old Adekoya decided to bow out.
He is believed to be returning to Sun Publishing Limited, from where he was poached in 2010 to join the pioneer team for national Mirror.
He has become the fourth out of the original five that constituted the core team of the company at inception in 2010.
They have all left one by one.
The latest wave of crisis rocking Ibrahim’s media group comes at a time that his conglomerate is haemorrhaging.
The General Manager of Nicon Hotel, Victoria Garden City recently resigned her appointment after a personal clash with Ibrahim, while an Executive Director at Ibrahim’s Energy Bank in Ghana, Ophelia Attobrah, also took a walk last week, citing untoward issues from her boss as her reasons.
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