** Two 70-yr-old photographers affected. The management of Nigeria’s leading news magazine, Newswatch, has paid salary arrears owed its entire workforce, while it also laid off 70 per cent of its staff to pave way for the successful implementation of its ongoing restructuring process.
The management however pledged to recall some of the laid off staff who might be considered suitable for reengagement. Among those sacked were two 70-year-old photographers. The company’s management in a statement yesterday described the move as the first step towards a comprehensive surgical operation, necessary for its corporate turnaround by the Publisher and internationally- acclaimed turnaround expert, Barrister Jimoh Ibrahim, OFR.
It added that the publisher was already in London, to discuss with a manufacturer of top quality printing machine for the magazine.
The Chief Operating Officer of the magazine, Mr. Femi Ige, expressed gratitude while praising the efforts of the Publisher and Group Managing Director of Global Fleet for his magnificent business acumen which had turned the near-comatose publication into a leading magazine in the country.
“We just cannot thank him enough for his efforts at turning the company around and for the hope he has given us for the future.
We are starting a re-engineering process now, which involves the re-training of the editorial staff,’’ he said.
The management also thanked its workers for their loyalty and perseverance, promising to repay them with top class welfare package when it resumes publication.
It appealed to the public and its distributors to bear with the management during the re-packaging period, while promising that their darling publication would hit the stand soon in a better format.
