There’s been a major shake-up at DAAR Communications, with Chairman Raymond Dokpesi Jr and former Group Managing Director Tony Akiotu at odds over management changes.
Dokpesi Jr defended the restructuring, saying it was necessary for the company’s growth and stability after his father’s passing.
While speaking in Abuja, the chairman described the departure of long-serving executives as a tough but necessary move aimed at ensuring stability and future growth.
He said the transition process was carefully handled to minimise tension and sustain investor and stakeholder confidence.
According to him, the company faced significant challenges after his father’s death, including declining investor confidence and a drop in share value.
He added that he had to juggle family obligations with urgent corporate matters, and was surprised to learn that the company secretary had convened an emergency board meeting without his knowledge — a development he said raised concerns about corporate governance.
Dokpesi Jr acknowledged that the exiting executives were owed salary arrears and other entitlements, which the organisation had to settle.
However, he noted that the arrears had accumulated into billions of naira during their 15-year tenure.
“I will continue to apologise to Mr Tony Akiotu and the affected management staff for any hurt feelings resulting from the actions taken. But I have no regrets — I believe it was the right decision, and the results we are seeing today validate that choice,” he said.
He further explained that the restructuring enabled the company to prioritise outstanding salary obligations and improve operational efficiency.
Most of the organisation’s business units, he noted, are now financially independent, with others expected to attain full autonomy before year-end.
But in response, Akiotu criticised Dokpesi Jr’s remarks, describing them as unfair and misleading.
He argued that it was wrong for a chairman who presided overboard meetings and approved management memos to later accuse the same leadership team of mismanaging the company.
“All major operational and financial decisions taken during my tenure were subject to board approval and oversight,” Akiotu maintained.
He also highlighted the achievements recorded under the former management, noting that the company grew into a national and international media brand, with radio and television operations across Nigeria, the United Kingdom and the United States.
Akiotu added that while executive retirements may be permissible under company regulations, the public characterisation of their tenure overlooked the sacrifices made in building one of Nigeria’s pioneering broadcast institutions.
“If Raymond Dokpesi Jr believes we played no part in the growth of the company, we leave it to Nigerians and history to make that judgment,” he said.
