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Dokpes Jr Explains Decision to Dismiss Directors, Including His Father’s Wife

Published by Tope Fakinlede on August 23rd, 2024.

Dokpes Jr Explains Decision to Dismiss Directors, Including His Father’s Wife

Raymond Dokpesi Junior

Raymond Dokpesi Jr., Chairman of DAAR Communications Plc—owner of AIT, Raypower, and Faaji FM—has clarified his recent decision to dismiss 10 directors, including Dr. Oluwatosin Dokpesi, his late father’s wife, from the company.

In an interview with Daily Sun on Wednesday, Dokpesi explained that the decision was not personal but driven by regulatory requirements. He noted, “Ideally, I would have preferred to retain the valuable experience and skills of the current management for a longer period. However, as a publicly listed company, we are bound by Securities and Exchange Commission rules and corporate governance codes.”

Dokpesi pointed out that many of those leaving had been with the company for 22 to 27 years, often holding executive roles. According to the corporate governance code and internal policies, such positions are limited to two five-year terms, making their departures overdue.

He reflected on past challenges, including political pressures during the Buhari administration, which impacted AIT and its founder. Despite these issues, Dokpesi acknowledged that the current administration has been more accommodating toward public broadcasters.

The decision to make these changes is part of a broader strategy to align with legal and regulatory standards, enhance investor confidence, and attract necessary investments for future growth. DAAR Communications Plc announced that the executives would retire effective October 31, 2024, as part of compliance with corporate governance norms.

The company’s statement, issued by Company Secretary Miji Jonah, thanked the departing members—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—for their contributions and wished them well in their future endeavors. The media conglomerate is currently restructuring its leadership and will update regulatory authorities, shareholders, and the public once the process is complete.