The highly welcomed 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.
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