Takeover by AMCON won’t affect consistent publication — Daily Times

The management of Folio Communications Limited says the
takeover of Daily Times of Nigeria (DTN) by the Asset Management
Company of Nigeria (AMCON) will not affect the
publication.

Folio Communications Limited, owned by Fidelis Anosike and Noel
Anosike, had acquired DTN in 2004 from the Bureau for Public
Enterprises (BPE).

AMCON, however, took over assets of DTN on February
13, citing series of court cases involving the company since as
reason.

In a statement on Tuesday, Bonaventure Melah, spokesman of Folio
Communications, said the company has accepted the takeover.

“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 in their track,” the statement
read.

“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 were
completely obsolete and unserviceable when we took over, to a
thriving firm that is now a much sought after bride in the media
industry.”

Melah said upon acquisition of DTN, its 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 clear mandate to manage assets and
liabilities, publications and lifestyle/entertainment were moved
under direct management of Folio Communications Limited without
encumbrances,” he added.

He also said for the past five years, the newspaper has been
“consistently” published despite the various court cases, and that
“DTN will continue to be on your newsstand everyday enriched with
quality news content.

“This is even as we pledge to give maximum support to the DTN
receiver/manager throughout the period of this assignment.”

The management of Folio Communications Limited says the
takeover of Daily Times of Nigeria (DTN) by the Asset Management
Company of Nigeria (AMCON) will not affect the
publication.

Folio Communications Limited, owned by Fidelis Anosike and Noel
Anosike, had acquired DTN in 2004 from the Bureau for Public
Enterprises (BPE).

AMCON, however, took over assets of DTN on February
13, citing series of court cases involving the company since as
reason.

In a statement on Tuesday, Bonaventure Melah, spokesman of Folio
Communications, said the company has accepted the takeover.

“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 in their track,” the statement
read.

“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 were
completely obsolete and unserviceable when we took over, to a
thriving firm that is now a much sought after bride in the media
industry.”

Melah said upon acquisition of DTN, its 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 clear mandate to manage assets and
liabilities, publications and lifestyle/entertainment were moved
under direct management of Folio Communications Limited without
encumbrances,” he added.

He also said for the past five years, the newspaper has been
“consistently” published despite the various court cases, and that
“DTN will continue to be on your newsstand everyday enriched with
quality news content.

“This is even as we pledge to give maximum support to the DTN
receiver/manager throughout the period of this assignment.”