Saharareporters has learned that more than 145 employees of Television Continental Broadcasting Service, which operates TVC News, TVC Nigeria, and TVC Entertainment.
The media conglomerate’s owner is Bola Tinubu, a Nigerian politician who was a Governor of Lagos State as well as a founder and national leader of the ruling All Progressive Congress (APC).
Our sources said there was heavy security presence at the firm as the sacking was carried out. They added that some of the fired employees were pioneers at the broadcast outfit.
A source close to Mr. Tinubu told our correspondent that the decision to carry out the mass firing of staff was approved by the political chieftain “because he is tired of throwing money into the TV station without reaping any profit.” The source added that the former governor ordered the management of the media firm to come up with measures to drastically reduce overhead costs, especially workers’ salaries that reportedly ran into 200 million naira each month.
SaharaReporters learned that TVC had 450 employees, including those employed at “TVC Africa,” the international arm of TVC that has now been shut down completely. A former staff of the TV network told SaharaReporters that the station received ample advert funds from 57 local government areas in the state. Two other TVC management staffers told SaharaReporters that while Mr. Tinubu may be collecting funds from local government areas in the name of TV programming, the network received only a fraction of the funds. They disclosed that the funds were usually routed through one Shola Lawal to buy airtime on behalf of the local governments.