-As Nick Amartefio’s Hostile Takeover Of Citi TV Stokes Boardroom War
A boardroom war on ownership of CITI TV with the potential to tear apart Accra-based Omni Media limited and its flagship radio station, Citi FM, is snowballing, Whatsup News has learnt.
According to ‘deep throat’ insiders, the brewing conflagration involves Nick Amartefio who owns Citi-FM is ‘greedily’ overreaching for shares in Citi TV, a television station established by the Managing Director, Samuel Atta Mensah, aka Sammens without Amartefio’s interest or contribution.
However, as Citi TV today has become a household name and ids considered a big brand on its own, Mr Amartefio has reportedly swooped down on the channel, demanding a 70% share in equity, with the remainder 30% for ‘Sammens’ and his collaborators.
Unconfirmed reports have it that Citi TV became a reality due to some significant financial injection from President Akufo Addo’s notorious cousin, Gabby Asare Otchere Darko, Richard Abban of Rigworld fame and controversial broadcaster, Paul Adom Otchere. It is unclear how much they pumped into the station, or how much stake they may have had as this information is still unconfirmed.
Meanwhile, the sudden interest by Amartefio is nurturing an implosion that could lead to a massive exodus of talents, leaving Citi FM plummeting from its current position as arguably the second-best English radio station after Joy FM.
The situation is said to have created fault lines within Citi FM, with the station’s icons, including Bernard Avle and Umaru Sanda apparently taking sides.
There are reports that Sammens and his team could break away to form another TV station with a different name, but as a reproduction of Citi TV.
Last week, Jessica Opare Saforo, a seasoned broadcaster who has reasoned through the ranks to the top at Citi fm announced her resignation from the station without any tangible reason.
There are suggestions that Jessica who until her resignation hosted the flagship ‘Traffic Avenue’, a branch-time show which has caught popularity among Ghanaian fans may have decided to jump-out before the boat rocks.
It is believed that the new station may also be financed and facilitated by Gabby Asare Otchere-Darko, whose plan to capture the media space resulted in the Akufo Addo administration closing down radio stations believed to be critical of the government to pave way for Asaase Radio belonging to Mr. Otchere-Darko to blossom.
Nick Amartefio is the owner, founder, CEO and shareholder of Omni Media, which runs Citi FM and used to publish The Globe, a newspaper that was not particularly successful. Amartefio is also the Board Chairman of Citi FM.
Some time ago, Sammens who is the Managing Director of Citi FM is said to have approached Mr. Amartefio with the idea of opening a television station to Sister Citi FM on the stables of Omni Media.
However, Mr. Amartefio is said to have seen no point to the idea and dismissed it.
Sammens who was keen on fruiting the dream however plodded on, rallying friends and investors, including Gabby Asare Otchere Darko, to outlay the capital for the new TV station. This effort led to the birthing of Citi TV.
And the station took off to a fine start as a free-to-air digital terrestrial channel with a presence in all 16 regions of the country.
According to sources, a week ago, Amartefio suddenly announced he was taking over 70% majority shares in Citi TV. But Sammens and the other investors are said to have refused.
Following the refusal, Mr. Amartefio’s request is said to have since started a move to stage a hostile takeover and this has allegedly led to indications from Sammens that he may soon leave Omni Media altogether to start a new TV station.
Sammens is said to have the backing of Gabby Asare Otchere Darko in this likely move.
Sources say if Sammens moves, the likes of Bernard Avle and Umaru Sanda will move with him as Sammens is very close to his staff at both Citi FM and Citi TV.