Olufemi Adeyemi


In accordance with the Internal Control Policies and Procedures Manual, 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 policies, which mandate 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 dismissed several directors, including Tony Akiotu and Oluwatosin Dokpesi.

In response, DAAR Communications issued an official notification to the Nigerian Exchange Limited (NGX), its shareholders, and the general public, providing clarification on the recent executive retirements. The company confirmed that the decision was made in accordance with its internal policies and procedures.

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 also revealed that several members of the executive management team, each with over a decade of service in their positions, are preparing to retire.

Mr. Tony Akiotu

Dr. Oluwatosin Dokpesi

Dr. Ambrose Somide

Engr. Anthony Uyah

Ms. Paulyn Ugbodagha

Mrs. Mary Lawrence-Dokpesi

Ms. Faith Ikems

Mr. Imoni Mac Amarere

Mr. John Iwarue

Mr. Johnson Onime

The executives have concluded their service after two consecutive five-year terms, signifying a crucial shift in the leadership of DAAR Communications.

The board conveyed profound appreciation for their contributions, acknowledging their leadership as vital to the company's strategic direction and overall success, and offered their best wishes for future endeavors.

Furthermore, the announcement indicated that DAAR Communications is in the process of a substantial leadership reorganization.

Once this process is complete, the company will officially inform the Nigerian Exchange (NGX), regulatory bodies, shareholders, and the public regarding the changes.

On Thursday, August 21, Daar Communication's trading closed at a share price of N0.43, remaining unchanged from the previous day's close. The stock has experienced a decline of 35.82% year-to-date.