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Investors set to bail out troubled media firm

    ABIDJAN
    Three unnamed investors have agreed to pay off an 800-million naira (US $8 million) debt the embattled DAAR Communications Limited media firm owes to a consortium of banks, ‘The Guardian’ newspaper of Lagos reported on Monday. DAAR, which owns the private Ray Power 100 FM and African Independent Television (AIT), has been in receivership since 1999. Its estimated 500 employees, mostly journalists, began a strike on Friday to obtain salary arrears. DAAR launched Nigeria’s first private radio in 1994.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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