DAAR Communications Announces Management Restructuring to Align with Regulatory Requirements
Raymond Dokpesi Jnr, the Chairperson of DAAR Communications Plc, recently provided a detailed explanation for the company’s recent management restructuring. The shake-up involves the departure of several long-serving directors as part of a strategic move to comply with regulatory requirements and position the company for future growth.
In a memo, DAAR Communications, the parent company of Raypower FM, AIT, and Faaji FM, listed the directors affected by this change. The staff members set to leave include Tony Akiotu, Oluwatosin Dokpesi, Ambrose Somide, Anthony Uyah, Paulyn Ugbodagha, Mary Lawrence-Dokpesi, Faith Ikems, Imoni Amarere, John Iwarue, and Johnson Onime. Their disengagement is effective from October 31, 2024.
In a press statement from Abuja, Dokpesi Jnr clarified that the decision to part ways with these directors was not a personal one but was necessitated by corporate governance rules. He expressed his reluctance, noting, “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.”
As a publicly listed company on the Nigerian Stock Exchange, DAAR Communications is bound by the rules of the Securities and Exchange Commission (SEC) and the corporate governance code, which stipulate that directors cannot serve more than two terms of five years each. Dokpesi Jnr emphasized, “Our responsibilities to our shareholders transcend personal choices or opinions.”
He further explained that many members of the current management team have been with DAAR Communications since its inception, with some serving for as long as 27 years. “Their retirement is, in fact, long overdue. This decision should have been made five, six, or seven years ago,” he added.
The restructuring is aimed at refreshing the leadership and ensuring compliance with regulatory standards, thereby fostering sustainable growth and stability for the company moving forward.
