DAAR Communications Plc, the parent company of popular Nigerian media outlets such as Africa Independent Television (AIT), Raypower FM, and Faaji FM, has retired 10 of its directors, including Dr. Oluwatosin Dokpesi, the wife of the late founder Dr. Raymond Dokpesi.
The decision, which has sparked public interest and speculation, was explained by the company’s Chairman, Raymond Dokpesi Jr., who clarified the reasons behind this restructuring in an interview with Daily Sun on Wednesday.
Raymond Dokpesi Jr. emphasised that the decision to retire the directors was not a personal one but was driven by the necessity to comply with the rules and regulations governing publicly listed companies. DAAR Communications Plc is the only media company listed on the Nigerian Stock Exchange, making it subject to stringent oversight by the Securities and Exchange Commission (SEC).
“We are bound by the Securities and Exchange Commission rules and the code of corporate governance, which is mandatory for all publicly listed companies,” Dokpesi Jr. stated. He explained that these rules require a strict adherence to governance practices, including term limits for executive management positions.
The Chairman pointed out that several of the retiring directors had exceeded the maximum tenure prescribed by both the SEC’s code of corporate governance and the company’s internal policies.
“We have persons who are leaving the organisation after 27 years; we have people who are leaving after 22 years. The vast majority of this time, they have spent in executive management positions, and yet, the code of corporate governance and our internal documents state we should only do a maximum of two terms of five years,” Dokpesi Jr. explained.
According to Dokpesi Jr., the retirement of these directors was a decision that was long overdue. However, the transition had been delayed due to various challenges the company faced, particularly during the administration of former President Muhammadu Buhari.
The media conglomerate, and especially its founder, Dr. Raymond Dokpesi, faced significant pressure and intimidation during that period, which made such restructuring difficult.
“Nigeria’s political landscape has impacted our operations over the years. My dad was still alive, very present, and very active during that time, and we were going through different political turbulence,” Dokpesi Jr. recalled.
He noted that the current administration has shown a greater capacity for accommodating diverse opinions, providing a more conducive environment for the company to implement necessary changes.
The restructuring at DAAR Communications is part of a broader strategy to reposition the company for future growth. Dokpesi Jr. emphasized that the board had to make a critical decision about the company’s future direction: “For me, and I think also for the vast majority of members of our board, the decision comes down to simply determining: Do we want to continue on our existing trajectory, or do we want to do something differently?”
He underscored the importance of adhering to the terms and conditions of relevant laws and regulations, which he believes will enhance the company’s credibility and attractiveness to investors.
“We have to subject ourselves to abide by the terms and conditions of extant laws and regulations to give the investing public confidence in our organization and administration,” Dokpesi Jr. said.
In a statement signed by the company’s Secretary, Miji Jonah, DAAR Communications officially announced the retirement of the affected directors, which will take effect from October 31, 2024.
The company expressed deep gratitude to the retiring directors for their invaluable contributions over the years.
“The Board of DAAR Communications Plc expresses its gratitude to all the retiring Executive Board members for their invaluable contributions to the company during their tenure and wishes them the very best in their future endeavours,” the statement read.
The retiring directors include notable figures who have played crucial roles in the company’s development over the years.
Among them are 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.
As DAAR Communications undergoes this leadership transition, the company is also preparing for a major restructuring of its management.
The company has indicated that once the reorganisation is complete, it will notify the Nigerian Exchange Limited, other regulatory authorities, shareholders, and the general public.
