Raymond Dokpesi Jnr, the head of DAAR Communications, has shed light on the recent restructuring of the company’s management.
He stated that the changes, including the exit of several long-standing directors, were driven by the need to meet regulatory requirements rather than personal preference.
Dokpesi Jnr said that the decision to part ways with some of the company’s veteran directors was not influenced by personal considerations but was necessary to align with the rules set by regulatory bodies.
He pointed out that DAAR Communications, being a publicly traded entity on the Nigerian Stock Exchange, must adhere to the regulations established by the Securities and Exchange Commission and corporate governance codes, which limit directors to a maximum of two five-year terms.
Many of the departing directors have been with the company for decades, with some having served for up to 27 years.
Dokpesi Jnr acknowledged that their retirement was overdue and should have occurred earlier.
With the political climate becoming more conducive, he believes it is the right time to reassess the company’s strategic direction.
He said in a statement:
“It isn’t a personal decision to ask anyone to go. If it were up to me, I would definitely want to harness the experiences, relationships, and skill sets of our management for a little bit longer.
“As a publicly listed company on the Nigerian Stock Exchange, DAAR Communications is subject to the rules set by the Security and Exchange Commission and the code of corporate governance.
“These regulations mandate that directors serve no more than two terms of five years. Our responsibilities to our shareholders transcend personal choices or opinions.”
