Thursday, January 29, 2015
Diamond Banks Sells Of Assets Of T.Y Danjuma's Much Hyped T.V Station, NN24 To Recoup Debt
Sale of assets to recoup debt that is.
Here are the details.
The much hyped satellite TV station, NetworkNews24 (NN24), has since shut down operations barely two years after it was launched with much fanfare. The company’s head office at Oregun, Ikeja, Lagos, has been locked while Mr. Tony Dara, the man said to be fronting for the real owner, former Defence Minister T.Y Danjuma, has since disappeared from the scene.
To compound the woes of the media outfit, Diamond Bank Plc to which the company is heavily indebted, has reportedly commenced sale of the TV stations assets to recoup the huge debt the stations owes the bank
The satellite television was established to rub shoulders with CNN and provide contents that were original, but the idea was truncated by mismanagement. Trouble started when the hour of transmission was reduced to save cost, the station debuted as a 24-hour station on DSTv as 24 hour news channel but cut down transmission to 13 hours in just about a year of operation.
At that time staffs were being owed backlog of salaries. Some of the aggrieved staffs dragged the management to court and pressed charges to get their salary arrears, nothing was heard of the case till today as the CEO Tony Dara has since disappeared to UK