Raymond Dokpesi (Jnr), Chairman of DAAR Communications Plc, which owns AIT, Raypower, and Faaji FM, has explained the recent removal of 10 directors, including Dr. Oluwatosin Dokpesi, the wife of his late father, Dr. Raymond Dokpesi.
In an interview with Daily Sun, Dokpesi emphasized that the decision was not personal. He noted, “If it were up to me, I would have preferred to retain the existing management’s experience and skills a bit longer. However, as a publicly listed company, we are bound by Securities and Exchange Commission rules and corporate governance codes.”
He pointed out that many of the departing directors had been with the company for over two decades and that their retirement was overdue. “The code of corporate governance and our internal documents stipulate a maximum of two terms of five years for executives. This decision should have been made years ago, but with my father’s passing and various political challenges, it was deferred.”
Dokpesi acknowledged the improved political climate under the current administration, which allowed for a review of the company’s trajectory. “The time is right to reconsider our direction, comply with regulations, and attract investment to grow and expand our programs,” he added.
DAAR Communications Plc announced that the retirement of its Executive Management would take effect from October 31, 2024, in compliance with corporate governance codes and internal policies. Affected officials include Senior High Chief Tony Akiotu, Dr. Oluwatosin Dokpesi, Dr. Ambrose Somide, Anthony Uyah, Paulyn Ugbodaga, Mary Lawrence-Dokpesi, Faith Ikems, Imoni Amarere, John Iwarue, and Johnson Onime.
The company expressed gratitude to the retiring directors for their contributions and stated that the board is working on a major leadership restructuring. Updates will be provided to the Nigerian Exchange Limited and other regulatory authorities, shareholders, and the public once the restructuring is complete.
