Why we let our directors go – DAAR communications

Why we let our directors go – DAAR communications

The chairperson of DAAR Communications, Raymond Dokpesi Jnr, has explained the reasons behind the management changes at the organisation.

Dokpesi Jnr clarified that the decision to allow some directors to leave the company was not driven by personal preference.

In a statement, Dokpesi said, “The shake-up, which has seen the departure of several long-serving directors, is part of a broader strategy to align with regulatory requirements and ensure the company’s future growth.

“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 subject to the rules set by the Security and Exchange Commission and the code of corporate governance.

“These regulations mandate that directors serve no more than two terms of five years. 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.

He said, “Their retirement is, in fact, long overdue. This decision should have been made five, six, or seven years ago.”

With the current political environment now more favorable, Dokpesi Jnr believes it is an ideal time for a strategic review of the company’s direction.

“The time is right for us to review where we want to go. We must decide whether to continue on our existing trajectory or to pursue something different.”

He highlighted that the shake-up aims to ensure compliance with legal and regulatory standards, thereby instilling confidence in investors and supporting the company’s growth.

“We need to abide by existing laws and regulations to give the investing public confidence in our organization and its administration,” Dokpesi Jnr explained.

He assured Nigerians that the changes would create opportunities for both existing staff and external candidates.

“Opportunities will open up for people within DAAR Communications to advance into new roles, as well as for qualified individuals from outside the organization and the broader industry to contribute,” he said.

In the shakeup, directors who have held executive roles for 10 years or more were mandated to go on retirement.

The decision would take effect in November.

Notable executives affected by the directive include Tony Akiotu, Tosin Dokpesi, Ambrose Somide, Paulyn Ugbodaga, and Tony Uyah

Tosin Dokpesi is the widow of the late Chief Raymond Dokpesi, the company’s founder, who died in May 29, 2023.

His son, Raymond Dokpesi Jr., has been serving as the company’s chairman since 2019.

The organization in the year ending December 31, 2023 had reported a financial loss of N1.6billion.