The Chairman of DAAR Communications Plc, owners of AIT, Raypower and Faaji FM, Raymond Dokpesi (Jnr), has offered explanations on why he had to ease 10 Directors, including Dr. Oluwatosin Dokpesi, the wife of his late father, Dr. Raymond Dokpesi, out of the company.
Dokpesi offered the explanation in an interview on Wednesday, days after the sack was confirmed by the firm.
He said: āI think the first thing to recognise is that it is not a personal decision to ask anyone to go. If I had it left to me and to myself, I would definitely want to harness the experiences, the relationships and the skills that the existing management has for a little bit longer.
āBut the reality of the matter is that we are a publicly listed company. We are the only publicly listed media company on the Nigerian Stock Exchange and that means we are also bound by the Securities and Exchange Commission rules and the code of corporate governance is mandatory for all publicly listed companies.
āSo, that means our responsibilities to our shareholders transcend personal choices or personal opinions.
āWe have persons who are leaving the organisation after 27 years; we have people who are leaving after 22 years.
āThe vast majority of this time, they have spent in executive management positions and yet, the code of corporate governance and our internal documents state we should only do a maximum of two terms of five years.
āSo, their retirement is, in fact, long overdue.
āIt was a decision which ought to have been made, even as far back as five, six, seven years ago. But as of that time, my dad was still alive, very present and very active and also, we were going through different political turbulence as far as our organisation is concerned.
āNobody needs to be reminded of the history of the former President Muhammadu Buhari administration with reference to the treatment of AIT and our founder in particular.
āNotwithstanding, whatever you want to say about the incumbent administration, I think, to some large extent, they have shown their capacity for accommodation of all shades of opinions from public broadcasters.
āWe donāt feel the heat and the intimidation of governments as we did a couple of years ago and the time is opportune and right as well for us to review where exactly we want to go, going forward from here.
āFor me, and I think also for the vast majority of members of our board, the decision comes down to simply determining: Do we want to continue on our existing trajectory or do we want to do something differently?
āAnd if we are looking at doing something differently, it means we have to subject ourselves to abide by the terms and conditions of extant laws and regulations to give the investing public confidence into our organisation and the administration and also to be able to attract the kinds of funds and investments we need to grow and expand beyond our existing programmes.ā
DAAR Communications PLC announced the retirement of members of its Executive Management with effect from October 31, 2024 in compliance with Code of Corporate Governance as well as Companyās Internal Control Policies and Procedures Manual.
A statement signed by the Company Secretary, Miji Jonah, said the affected officials have spent over 10 years in such capacity.
Those affected were 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.
The statement added that the media conglomerate is working on major restructuring of its leadership and once this is concluded, the Nigerian Exchange Limited and other regulatory authorities, its shareholders and the general public would be notified.
