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ABUJA, FCT, NIGERIA – Raymond Dokpesi Jr., Chairman of DAAR Communications—owners of Raypower FM, AIT, and Faaji FM, has shed light on the company’s recent significant management restructuring.
This shake-up was initiated to align the organization with regulatory requirements and ensure its future growth.
The restructuring affected several prominent figures within DAAR Communications, including Tony Akiotu, Tosin Dokpesi, Ambrose Somide, Anthony Uyah, Paulyn Ugbodagha, and Mary Lawrence-Dokpesi.
Also, Faith Ikems, Imoni Amarere, John Iwarue, and Johnson Onime were also part of this sweeping change, with their disengagement set to take effect on October 31, 2024.
In a press statement released on Wednesday, August 21, 2024, Dokpesi Jr. clarified that the decision to part ways with these directors was not a matter of personal preference. “It isn’t a personal decision to ask anyone to go. 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 stated.
As a publicly listed company on the Nigerian Stock Exchange, DAAR Communications is bound by the rules set forth by the Security and Exchange Commission and the Code of Corporate Governance.
Dokpesi Jr. emphasized that these regulations mandate that directors serve no more than two terms of five years, underscoring that the company’s responsibilities to its shareholders transcend personal choices or opinions.
Dokpesi Jr. acknowledged that many of the current management team members have been with DAAR Communications since its inception, with some serving for as long as 27 years. “Their retirement is, in fact, long overdue,” he noted, adding, “this decision should have been made five, six, or seven years ago.”
Addressing the political context that influenced the timing of these changes, Dokpesi Jr. reflected on the challenging period under former President Muhammadu Buhari’s administration.
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.”
However, he stated that the current political environment is more favorable, making now the ideal time for a strategic review of the company’s direction.
Dokpesi Jr. assured that the recent changes would create opportunities for both existing staff and external candidates, as the company embarks on a new phase of its journey.
It would be recalled that DAAR Communications, on Monday, August 19, 2024, officially confirmed the retirement of six executive directors and four management staff members who had reached the mandatory retirement age as outlined in the Code of Corporate Governance.
The company’s statement emphasized that the retirements were in strict compliance with the Code of Corporate Governance as well as the Company’s Internal Control Policies and Procedures Manual.
The statement read in part: “DAAR Communications PLC (the Company) wishes to notify the Nigerian Exchange Limited (NGX or The Exchange), its esteemed Shareholders and the General Public that sequel to online platforms publications, the Board and Management of DAAR Communications PLC (owners of AIT, Raypower and Faaji FM) wishes to state as follows:
“That a decision has been taken to retire members of executive management who have spent over 10 years in executive capacity in compliance with the Code of Corporate Governance as well as the Company’s Internal Control Policies and Procedures Manual.
“As such, the Company wishes to announce the retirement of the following members of its Executive Management: Mr. Tony Akiotu, Dr. Oluwatosin Dokpesi, Dr. Ambrose Somide, Engr. Anthony Uyah, Mrs. Paulyn Ugbodagha, Mrs. Mary Lawrence-Dokpesi, Mrs. Faith Ikems, Mr. Imoni Amarere, Mr. John Iwarue, and Mr. Johnson Onime with effect from 31st October 2024, following the completion of their regulatory prescribed tenure of two terms of five years.
“The Board is indeed grateful to all affected members for their invaluable contributions to the Company during their tenure in the management and wishes them the very best in their future endeavours.
“The Company is working on a major restructuring of its leadership and once this is concluded, The Exchange, other regulatory authorities, its Shareholders and the General Public would be notified of such changes,” accordingly.
Signed: Miji Jonah, Esq, Company Secretary, DAAR Communications PLC.”
