Editor Slams N200m Suit On The Moment Newspapers

The financial crises rocking a Lagos-based newspaper, The Moment, has taken a sharp turn, with its pioneer Abuja Bureau Chief, Mr. Simon Imobo-Tswam, dragging the company to court, and claiming over N200 million for libel and accumulated salary arrears.

The Moment is owned by the embattled immediate past Governor of Bayelsa State, Chief Timipre Sylva. Although The Moment’s troubles started last year, the exit in January this year of the former Bayelsa State Governor from office has compounded its woes as it has allegedly exhausted its N1.5 billion take-off fund.

The embattled Sylva, who is now standing trial for corruption-related charges, is said to be afraid of recapitalizing the company so as not to attract the attention of security personnel and anti-corruption agencies, thereby worsening his case.

The financial mess has forced the daily paper to revert to a weekly, as it last paid its staff in November 2011. Besides the cash squeeze, forcing the company to accumulate bad credit with airlines, insurance companies and FAAN, it has also led to mass resignation.