21st August, 2024
Raymond Dokpesi Jnr, Chairperson of DAAR Communications, has offered an in-depth explanation of the recent management changes at the company.
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.
Daar Communications Plc, owners of Africa Independent Television (AIT) and RayPower, had asked directors who have spent 10 years and above in executive positions to go on retirement.
Dokpesi Jnr, in an interview clarified that the decision to part ways with these directors was not driven by personal preference.
“It isn’t a personal decision to ask anyone to go,” he stated.
“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 added.
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, saying that these regulations mandated that directors served no more than two terms of five years.
Dokpesi Jnr emphasized: “Our responsibilities to our shareholders transcend personal choices or opinions.”
He noted that many of the current management team members had 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.
Dokpesi Jnr also addressed the political context influencing the timing of these changes.
Reflecting on the Buhari administration’s impact on the organization, 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.”
With the current political environment now more favorable, Dokpesi Jnr said he believed 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 said.
He said the shake-up aimed 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.
Dokpesi Jnr assured that these 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 stated.
