DAAR Communications PLC, the parent company of African Independent Television (AIT), Raypower, and Faaji FM, has announced the retirement of several key members of its executive management team, including Mr. Tony Akiotu and Dr. Oluwatosin Dokpesi.
This decision, effective from October 31, 2024, is part of a broader move to comply with the company’s Internal Control Policies and Procedures Manual, which mandates the retirement of executives who have served over 10 years in their roles.
The announcement, made in a statement dated August 19, 2024, by the company’s secretary Miji Jonah, follows a series of online publications claiming that DAAR Communications had sacked several directors, including Tony Akiotu and Oluwatosin Dokpesi.
In response, DAAR Communications issued a formal notification to the Nigerian Exchange Limited (NGX), its shareholders, and the general public, clarifying the situation and confirming that the decision to retire these executives was made in accordance with the company’s internal policies.
The statement reads: “DAAR Communications PLC (the Company) wishes to notify the Nigerian Exchange Limited (NGX or The Exchange), its esteemed Shareholders, and the General Public that, sequel to the online publication by News Direct on 17th August 2024, captured ‘DAAR Communications sacks Tosin Dokpesi, Tony Akiotu, other Directors’ and ‘DAAR Communications retires Tosin Dokpesi, Tony Akiotu, other Directors’ on other online platforms, the Board and Management of DAAR Communications PLC (owners of AIT, Raypower, and Faaji FM) wishes to state as follows:
‘A decision has been taken to retire members of executive management who have spent over 10 years in executive capacity in compliance with the Company’s Internal Control Policies and Procedures Manual. As such, the Company wishes to announce the retirement of the following members of its Executive Management.”
The announcement further disclosed that the following members of the executive management team, who have each served in their roles for over 10 years, are set to retire:
- Mrs. Mary Lawrence-Dokpesi
These executives have completed their tenure of two five-year terms, marking a pivotal transition in DAAR Communications’ leadership.
The board expressed deep gratitude for their contributions, recognizing their leadership as essential to the company’s strategic direction and success, and extended best wishes in their future endeavours.
Additionally, the statement revealed that DAAR Communications is undergoing a significant leadership reorganization. Once finalized, the company will formally notify the Nigerian Exchange (NGX), regulatory authorities, shareholders, and the general public of the changes.
Daar Communication closed trading on Thursday, August 21, at a share price of N0.43%, stalling by 0.00% from the previous day’s close. The stock is down by 35.82% YTD.
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