Chairman of DAAR Communications Raymond Dokpesi Jnr has explained that the firm recently carried out major shake-up of its management to align with regulatory requirements and ensure the company’s future growth.....KINDLY READ THE FULL STORY HERE▶
Last weekend, QEDNG reported that several members of the management have been asked to retire. The company on Monday confirmed the retirement of six executive directors and four management staff who have attained the mandatory retirement age as contained in the Code of Corporate Governance.
The affected staff included Tony Akiotu, Tosin Dokpesi, Ambrose Somide, Anthony Uyah, Paulyn Ugbodagha, and Mary Lawrence-Dokpesi.
Others are Faith Ikems, Imoni Amarere, John Iwarue and Johnson Onime. Their disengagement takes effect on October 31, 2024.
However, in a press statement issued on Wednesday, Dokpesi Jnr said the decision to part ways 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 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.
The regulations, he noted, 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.