Why I sacked stepmother, others from company – Dokpesi Jr.
By Tosin Brown
Raymond Dokpesi Jr., Chairman of DAAR Communications Plc, the parent company of AIT, Raypower, and Faaji FM, has provided insights into the recent retirement of 10 directors from the company, including Dr. Oluwatosin Dokpesi, the wife of his late father, Dr. Raymond Dokpesi.
In an interview with Daily Sun on Wednesday, Dokpesi Jr. explained that the decision to retire the directors was not a personal one, but rather a necessity driven by corporate governance rules. “If it were solely up to me, I would have preferred to continue harnessing the experience and skills of the existing management team a bit longer,” he said. “But the reality is that we are a publicly listed company bound by the Securities and Exchange Commission rules and the mandatory code of corporate governance for all publicly listed companies.”
Dokpesi Jr. noted that some of the retiring directors had been with the company for as long as 27 years, many in executive management roles, far exceeding the two-term, five-year limit stipulated by corporate governance guidelines. “Their retirement is, in fact, long overdue. This decision should have been made five, six, or even seven years ago,” he acknowledged, adding that the timing was previously complicated by the active involvement of his late father and the political challenges faced by the company under former President Muhammadu Buhari’s administration.
Reflecting on the current political climate, Dokpesi Jr. remarked that the present administration has shown a greater tolerance for diverse opinions from public broadcasters, creating a more conducive environment for the company to reassess its direction. “We don’t feel the heat and intimidation from the government as we did a couple of years ago. The time is now opportune for us to review our trajectory and consider doing things differently,” he said.
He emphasized that the decision to retire the directors was ultimately about aligning with the company’s long-term goals and adhering to legal and regulatory standards to maintain investor confidence and attract the necessary funds for growth. “We need to ensure compliance with extant laws and regulations to reassure our investors and position the company for future expansion,” he concluded.
DAAR Communications Plc formally announced the retirement of its Executive Management members, effective October 31, 2024, in line with the Code of Corporate Governance and the company’s Internal Control Policies and Procedures Manual. The affected officials, who had served in their roles for over a decade, 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.
In a statement signed by Company Secretary Miji Jonah, the Board of DAAR Communications expressed gratitude to the retiring directors for their invaluable contributions and wished them success in their future endeavors. The company also announced that it is undergoing a major leadership restructuring, and once finalized, the Nigerian Exchange Limited, regulatory authorities, shareholders, and the general public will be duly informed.
