Dokpesi Jnr explains DAAR Communications management shake-up

Raymond Dokpesi Jnr, Chairperson of DAAR Communications, has offered an in-depth explanation of the recent management changes at the company.

The shake-up, which has seen the departure of several 1-serving directors, was said to be part of a broader strategy to align with regulatory requirements and ensure the company’s future growth.

In a press statement issued on Wednesday, Mr Dokpesi Jnr began by clarifying that the decision to part ways with the directors was not driven by personal preference.

“It isn’t a personal decision to ask anyone to go,” he stated. “If it were up to me, I would definitely want to harness the experiences, relationships, and skill sets of our management for a little bit longer.

He explained that as a publicly listed company on the Nigerian Stock Exchange, DAAR Communications is subject to the rules set by the Security and Exchange Commission and the code of corporate governance.

The regulations, he noted, mandate that directors serve no more than two terms of five years, emphasising that, “Our responsibilities to our shareholders transcend personal choices or opinions.”

He noted that many of the current management team members have been with DAAR Communications since its early days, with some serving for up to 27 years.

“Their retirement is, in fact, long overdue,” he said. “This decision should have been made five, six, or seven years ago.”

Mr Dokpesi Jnr also addressed the political context influencing the timing of these changes. Reflecting on the impact of former President Muhammadu Buhari’s administration on the organisation, he noted, “During that period, the treatment of AIT and our founder was difficult. Implementing changes at that time might not have been the best idea.”

With the current political environment now more favourable, Mr Dokpesi Jnr believes it is an ideal time for a strategic review of the company’s direction.

“The time is right for us to review where we want to go,” he remarked. “We must decide whether to continue on our existing trajectory or to pursue something different.”

He highlighted that the shake-up aims to ensure compliance with legal and regulatory standards, thereby instilling confidence in investors and supporting the company’s growth. “We need to abide by existing laws and regulations to give the investing public confidence in our organisation and its administration,” Mr Dokpesi Jnr explained.

He assured that the changes would create opportunities for both existing staff and external candidates. “Opportunities will open up for people within DAAR Communications to advance into new roles, as well as for qualified individuals from outside the organisation and the broader industry to contribute,” he concluded.

The shake-up announced by DAAR Communications Plc led to the retirement of six executive directors and four management staff who have attained the mandatory retirement age as contained in the companies Code of Corporate Governance.

In a memo signed by the Company Secretary, Miji Jonah, and sent to the Nigerian Stock Exchange (NGX), DAAR Communications stated that the action was in compliance with the Code of Corporate Governance as well as the Company’s Internal Control Policies and Procedures Manual.

In the memo, DAAR Communications Plc, owners of Raypower FM, AIT, and Faaji FM disclosed that the affected staff included Tony Akiotu, Oluwatosin Dokpesi, Ambrose Somide, Anthony Uyah, Paulyn Ugbodagha, and Mary Lawrence-Dokpesi.

Others are Faith Ikems, Imoni Amarere, John Iwarue and Johnson Onime. Their disengagement takes effect on 31 October 2024.