This followed a prostest by some members of Nigerian Union of Journalists, NUJ, a the 5th Energy Group GMD Conference held at the Nicon Luxury Hotel, Abuja.
After announcing the sack of Afolayan, who is said to be Ibrahim's friend, he went on to appoint on the spot Mr. Demola Abimboye as the new managing director.
The protesters who had stormed the hall while Ibrahim was taking his staff on a strategy lecture, launched into protest songs demanding for their 14 months salaries. For 15 minutes, the drama was beamed live on AIT.
Unperturbed in spite of Ibrahim's attempt to bully them by calling for security operatives to move them out, the protesters said the confab won't continue unless Ibrahim or his representatives spoke with them.
Speaking after the protesters had been convinced to have a meeting with some of the Group executives, Ibrahim said he had no apologies owing the staff members because they failed to generate their income after he has given them all the wherewithal to perform optimally.
'I cannot borrow to pay their salaries. It is not sustainable,' Ibrahim said.
According to him, it's only the media section of 16 companies in his conglomerate that has salary issue. But the man many see as 'Corporate Bully', said he's ready to deal with the problem from that moment.
In line with that, typically of Ibrahim, the eccentric businessman threw overboard the imperatives of rules of engagement in corporate governance and sacked Bolu Afolayan, the Managing Director of Newswatch Media Ltd.
Mr. Demola Abimboye, wo was immediately announced as Afolayan's replacement, is a seasoned journalist and until now editor of Newswatch Magazine.
He was at the conference when the entire sordid drama played out on live TV.
Abimboye is expected to turn around the fortunes of the monthly magazine.
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