War Of Words In DAAR Communications: You Lied Over Corporate Governance Issues—Former GMD Tells Chairman

War Of Words In DAAR Communications

 

OpenLife Nigeria reports that tensions have escalated at DAAR Communications Plc following a public dispute between Chairman, Raymond Dokpesi Jr and former Group Managing Director, High Chief Tony Akiotu, over the company’s recent management restructuring.

Dokpesi Jr defended the controversial shake-up, insisting that he had “no regrets” over the actions taken after the sudden passing of the company’s founder, Raymond Aleogho Dokpesi Sr.

Speaking in Abuja, the chairman explained that the exit of long-serving executives was a difficult but necessary step to ensure continuity and growth of the organisation.

“The transition was carefully managed to avoid tensions and maintain investor and stakeholder confidence,” he said, noting that DAAR Communications faced serious challenges immediately after his father’s death, including a sharp drop in investor confidence and declining share prices.

Dokpesi Jr recounted that he was drawn into both family responsibilities and urgent company matters, only to discover that the company secretary had convened an emergency board meeting without his knowledge — prompting him to consider formal petitions to safeguard corporate governance.

Dokpesi Jr said: “It is also true that whilst leaving, they had salary arrears and other obligations which we as an organisation had to fulfil. But they had led management for the past 15 years and had built up salary arrears into billions.

“I will continuously apologise to Mr. Tony Akiotu and the exited management staff for any feelings that were hurt by the actions taken. But without regrets, I believe it was the right decision, and the proof is in the pudding — which we are already tasting, and it tastes sweet.”

He further stated that the leadership changes enabled the company to prioritise salary obligations and strengthen operational autonomy, noting that most business units are now self-sufficient, with others on track to achieve full independence by year-end.

Tony Akiotu, Former GMD Faults Dokpesi Jr’s Comment

However, Akiotu has faulted Dokpesi Jr’s “no regrets” comment, describing it as unfair to the former executive team and misleading to the public.

“It was embarrassing and almost ridiculous that the chairman of a board that presided over board meetings and gave approvals to memos from management could accuse the same management of trying to run the company aground,” Akiotu said.

He insisted that key operational and financial decisions during his tenure were always subject to board oversight and approvals.

Akiotu also defended the contributions of the former management, noting that DAAR Communications expanded significantly under their leadership, growing into a national and international media brand with radio and television operations across Nigeria, the United Kingdom and the United States.

“And today, if Raymond Dokpesi Jr has inherited the company, and thinks that we are not part of it, or we don’t deserve to be recognised in any way, we leave posterity and Nigerians to judge,” he added.

While acknowledging that the retirement of executives could be justified under company rules, Akiotu criticised the public portrayal of their tenure, highlighting the personal sacrifices made by the team in the early years to build a pioneering broadcast institution in Nigeria.

DAAR Communications

DAAR Communications Plc, founded in 1988 by Raymond Dokpesi, is a pioneering Nigerian independent broadcasting organization headquartered in Abuja.

It operates key media brands including Africa Independent Television (AIT) and Raypower FM, listed on the Nigerian Exchange (NGX: DAARCOMM).

The company produces news and entertainment, serving audiences globally.

The company operates Raypower 100.5 FM (launched 1994), AIT (launched 1996), and DAARSAT. It has a presence in Nigeria, the UK, and the USA, specializing in news, current affairs, and sports.

The the media company faces structural challenges, 2025 interim reports indicated a 32% year-on-year revenue growth for the nine months ending September 2025, with narrowing losses and improved liquidity.

As of February 2026, the company is experiencing high-volatility trading and renewed investor interest.
It has a market capitalization of roughly NGN 33.1 billion.
The company is currently led by Chairman Chief Raymond Paul Dokpesi Jr..