Chairperson of DAAR Communications, Raymond Dokpesi Jnr, has offered an in-depth explanation of the recent management changes at the company.
The shake-up, which has seen the departure of several serving directors, was said to be part of a broader strategy to align with regulatory requirements and ensure the company’s future growth.
In the memo, DAAR Communications Plc, owners of Raypower FM, AIT, and Faaji FM disclosed that the affected staff included Tony Akiotu, Oluwatosin Dokpesi, Ambrose Somide, Anthony Uyah, Paulyn Ugbodagha, and Mary Lawrence-Dokpesi.
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Others are Faith Ikems, Imoni Amarere, John Iwarue and Johnson Onime. Their disengagement takes effect on 31 October 2024.
In a press statement issued in Abuja, Dokpesi Jnr began by clarifying that the decision to part ways with the directors was not driven by 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.
He explained that as a publicly listed company on the Nigerian Stock Exchange, DAAR Communications is subject to the rules set by the Security and Exchange Commission and the code of corporate governance.
The regulations, he noted, mandate that directors serve no more than two terms of five years, emphasising that, “Our responsibilities to our shareholders transcend personal choices or opinions.”
He noted that many of the current management team members have been with DAAR Communications since its early days, with some serving for up to 27 years.
“Their retirement is, in fact, long overdue. This decision should have been made five, six, or seven years ago,” he said.
