Folio Communications
The sale process was confused, resulting in various lawsuits. Former employees did not receive their termination benefits. Later, Folio did pay some of the employees who had been laid off when the newspaper was closed in 2007, but many had not been paid by 2010 despite efforts by their Union to obtain the money owed them. Folio Communications, who formally took over the media giant on 14 March 2007, was accused of asset-stripping. According to the main owner, Fidelis Anosike, the Daily Times had large real estate holdings but the equipment and buildings were obsolete. Anosike said he appointed Ben Okoye to handle disposal of some assets to fund modernization. When Okoye and his friend, Senator Ikechukwu Obiorah, realized the extent of the real estate assets they started planning a hostile takeover and initiated court proceedings to prevent the company being turned around before then.
In April 2010 the Attorney-General of the Federation filed a 21-count charge of conspiracy and stealing of over N3 billion worth of property belonging to Daily Times of Nigeria against the brothers Fidelis and Noel Anosike, owners of Folio Communications. In March 2011, a Federal High Court sitting in Lagos quashed the charges against the Anosikes. A Lagos High Court also cleared Senator Ikechukwu Obiora from being investigated by the police over an alleged issuance of dud cheques to Folio Communications. Later that month another judge failed to uphold the annulment of the charges against the owners. As of April 2011, the print newspaper had still not restarted production.
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