Media Acquisition Spree: What Does Jimoh Ibrahim Want?

As the comatose Odua Group-owned Sketch Publishing Company is acquired by Barrister Jimoh Ibrahim, Group Chairman of Global Fleet, O’Lekan Babatunde reveals that he is still gearing to go for more, and wonders what exactly he might be gunning for.

Barrister Jimoh Ibrahim, acclaimed Harvard-trained lawyer turned businessman, is consolidating his recent entry into the media industry with a view to building a vast media empire.

Investigation by M2 reveals that the businessman is buying up every available comatose or distressed press, especially if such is located within main cities of the six geo-political zones of the country.

According to M2 findings, Mr. Ibrahim, the new publisher of National Mirror newspaper, acquired the rested Sketch Newspaper previously owned by the Odua group of companies and located in Ibadan, the Oyo State capital.

Sources close to the businessman’s publishing empire reveal that the company is on a deliberate acquisition spree that would yield the entire geo-political zones of the country to Mr. Ibrahim media agenda.

Barrister Ibrahim, M2 gathered, announced the conclusion of his latest – acquisition of Sketch at a high powered management meeting with his key staff recently.

According to our source, the management of the fledging Media Empire envisions a expansive and near total coverage of the country. “The management is not looking at the print media alone; it is also working and hoping to bring on stream electronic media.”

The sketch deal is not about the tangible publication as publications on the title have been rested for quite a while. The Odua group has severally tried to resurrect the publications to no avail. So, what the Ibrahim group is buying is not just the name and the outdated press, but the landed fixed assets of the company which sources put at several hundreds of million.

According to our investigation, the fledging media baron hopes to achieve his dream by establishing a full fledged office in each of the six geo-political zones of the nation.

The acquisition of the Sketch, it is reckoned, will take care of the Western zone while the search for other zones is said to be on.

Commenting on the acquisition of the Sketch Newspapers by the owners of the Mirror Newspaper, Chido Nwakanma, CEO, Blueflowers, a public Relations consulting firm, says that it is good omen for the publication. Nwakanma however cautions that the Publisher and his team must be asked what has happened to the Mirror?

According to him, aiming to build a media empire is a good strategy; it portends economics of scale in both human and material resources. But of necessity is the fact that the group needs strategic team work and proper market segmentation to offer something different.

Too many newspapers are claiming the “national”; so there are parity brands. “They offer the same news, features and so on.” So the question is what is he going to do with Sketch? Publish another national newspaper?

He concluded that Sketch as a regional newspaper with a proper marketing strategy to deliver service may be the way to go.

Also reacting to the news in a telephone chat with M2, Ayo Oluwatosin, former president of the Media Independent Association of Nigeria (MIPAN) and Managing Consultant, Starcom Media, believes that there is nothing wrong with Jimoh Ibrahim buying up media ventures to build an empire. In the same token, he argues that the people that sold out to him believe they have got a deal; for instance, Sketch has been comatose for over a decade.

However, the motive behind the investment should be a major concern. The media should run to help promote social engineering and not parochial interest of some group who might be masquerading behind the venture. “If the motive is pure business and the society, one cannot fault the venture.

According to Mr. Oluwatosin, the erstwhile moribund publishing firm will provide window of employment and business for a number of practitioners and Nigerians in general.

Despite the glitter of hope for the Ibadan based publications, industry watchers believe Mr. Ibrahim’s Midas touch is yet be apparent on National Mirror newspaper. Though, the newspaper has relocated to its Glass House Office in VGC area of Ajah, Lagos, in the area of packaging and positioning, the publication is yet to make an impact on the industry. So, what is the hope of the newly acquired Sketch?

Mr. Ibrahim, at about mid last year, bought out fellow businesssman, Prince Emeka Obasi, as Publisher/Editor-in-Chief of National Mirror newspapers in preparation to becoming an active player in the Nigerian media space.

Industry watchers see the entry of the self-proclaimed “self-made” entrepreneur with interest across a number of juicy businesses including law, insurance, hotel & hospitality, real Estate and a number of others as a vote of confidence for the industry. M2 had predicted many more acquisitions and take-over in the media industry.