DAAR Communications Chairman Raymond Dokpesi Jnr has attributed the recent management shake-up to regulatory compliance and future growth.
The company confirmed the retirement of six executive directors and four staff who reached the mandatory retirement age, as per the Code of Corporate Governance.
Those affected include Tony Akiotu, Tosin Dokpesi, Ambrose Somide, Anthony Uyah, Paulyn Ugbodagha, and Mary Lawrence-Dokpesi.
Faith Ikems, Imoni Amarere, John Iwarue, and Johnson Onime are also being disengaged, effective October 31, 2024.
Dokpesi Jnr stated in a Wednesday press statement that the decision to part with the directors was not driven by personal preference.
He said, “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 explained that DAAR Communications is subject to the rules set by the Security and Exchange Commission and the Code of Corporate Governance as a publicly listed company on the Nigerian Stock Exchange.
He noted that the regulations 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,” he said, “this decision should have been made five, six, or seven years ago.”
Dokpesi Jnr also addressed the political context influencing the timing of these changes. Reflecting on the impact of former President Muhammadu Buhari’s administration on the organisation, he noted, “During that period, the treatment of AIT and our founder was difficult. Implementing changes at that time might not have been the best idea.”
He said now is the ideal time for a strategic review of the company’s direction as the current political environment is more favourable.
The chairman assured that the changes would create opportunities for both existing staff and external candidates.
