‘How Folio Communications purchased Daily Times in 2004’ — Daily Times Nigeria

‘How Folio Communications purchased Daily Times in 2004’

….So when & where did Sen Obiora come in as DTN owner?

Sequel to the latest onslaught and illegal claim of embattled Senator Ikechukwu Obiora to ownership of The Daily Times, the management of Folio Communications Limited, publishers/owners of The Daily Times Nigeria (DTN) has decided to make public, the purchase receipts of the acquisition of DTN by the Folio in 2004.

It is instructive to note that Folio legally assumed ownership of DTN on September 3, 2004 after a colourful handover ceremony that was televised.

Prior to the handover of DTN to Folio, The Presidency, through the Bureau of Public Enterprises (BPE), privatised the DTN and sold the heritage newspaper to Folio in 2004.

The BPE further stated in a letter dated June 16, 2004 that the National Council on Privatisation (NCP) had approved Folio Communications as the preferred bidder for the DTN.

The purchase receipts by the BPE (See the documents on the Front page for ease of reference), further showed payment made by Folio for the acquisition of the DTN while the BPE acknowledged the payment in a letter dated July 29, 2004. The receipts are self-explanatory without any ambiguity.

The management of Folio also wishes to inform the general public that the relevant documents on the purchase of DTN are still with the BPE for verification.

Without prejudice to pending suits, the Folio management is, therefore, wondering when and where the ownership of DTN, which was legally acquired by Folio in 2004, has been transferred to Obiora.

Mathew Dadiya, Abuja

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