A bail-out for debtor media houses?


There is no gain saying in the fact that some media proprietors in Nigeria are now wearing an unenviable toga of ‘debtor media houses’ thereby competing with some state governments over their abysmal failure to pay their staffers’ salaries as at when due.
The fiercest unimaginable and appalling scenario has nearly turned workers in these media to beautiful ‘slaves’ of some sort, because their employers have been failing to give them their take-home pay, varying from four months to eighteen months. Whether this take-home pay can actually take them home or not is a matter for another day.

Those allegedly fingered in these brutal and cruel engagements include, but in no particular: THISDAY (eight months); DAAR Communications, owners of African Independent Television and Ray Power (17 months); Independent Newspapers Limited, publishers of Daily Independent (nine months); Tell Magazine (eight months); Silverbird Group, owner of Silverbird Television and Rhythm 93.7 FM (four months); National Mirror (seven months); Newswatch Daily (seven months); The News/PM News (nine months); The Daily Champion (18 months); Hallmark Newspaper (eight months); and The Daily Times (six months).
The whys and wherefores espoused as factors responsible for this unpalatable development are just too numerous to mention. But the principal reasons adduced included financial recklessness and lifestyle of some media proprietors; while others have been accused of unwise adventurous in their business calculations.
Whatever factor applicable, the glaringly realities today is that most media houses may not survive the current economic downturn in Nigeria which has forced many sectors to be gasping for breath of survivals.
Based on this aforementioned economic condition, some people have insinuated either jokingly or otherwise that since the Federal Government is fast becoming a Father Christmas, doling out billions of naira in the name of bail out, first to airlines in Nigeria some years ago, …Read More

Source:: New Mail