Speaking in Abuja, Dokpesi Jr described the restructuring—including the exit of long-serving executives such as Tony Akiotu—as a painful but necessary step to safeguard the organisation’s future. He stressed that the decisions were taken to restore operational stability, rebuild investor confidence and reposition the company for long-term growth.
According to the chairman, the company faced significant turbulence immediately after the founder’s passing, with investor confidence dipping sharply and share prices declining. Amid family mourning and heightened corporate uncertainty, he said urgent governance concerns emerged, including the convening of an emergency board meeting by the company secretary without his knowledge. The development, he noted, compelled him to consider formal steps to reinforce corporate governance safeguards.
Dokpesi Jr explained that concluding the disengagement of the former management team took more than 14 months, a timeline he said was deliberate in order to carefully manage internal tensions, honour outstanding obligations and maintain stakeholder confidence during a sensitive transition period.
He disclosed that departing executives were owed salary arrears and other benefits, which the company has since worked to settle. “They had led management for about 15 years and had built up salary arrears into billions,” he said, acknowledging the financial strain the company faced at the time of transition.
Offering an apology to the affected executives, Dokpesi Jr said he regretted any hurt feelings caused by the process, while maintaining that the restructuring was justified. He expressed confidence that the results now visible within the organisation validate the difficult decisions taken.
The chairman further stated that the leadership changes have enabled the company to prioritise salary payments, improve financial discipline and strengthen operational independence across its business units. He added that most divisions are now self-sustaining, with others projected to attain full autonomy before the end of the year.
Pointing to what he described as a steady recovery trajectory, Dokpesi Jr attributed renewed investor interest and rising share prices to decisive governance reforms and improved operational efficiency, signalling that the media organisation is gradually regaining stability and market confidence.