Daar Communications Plc, the owners of Africa Independent Television (AIT) and RayPower FM, has mandated the retirement of directors who have served in executive positions for 10 years and above.
Among those affected by the directive are prominent figures such as former Group Managing Director, Mr. Tony Akiotu; Executive Director, Corporate Communications, Mrs. Tosin Dokpesi; Managing Director of Radio Services, Mr. Ambrose Somide; Executive Director, Engineering Services, Mr. Tony Uyah; and Executive Director, Finance, Mrs. Paulyn Ugbodaga.
An insider within the company, who preferred to remain anonymous, confirmed the development, stating, “About 11 directors that have spent 10 years and above have been asked to go on retirement. One of them is Mrs. Tosin Dokpesi, who is the widow of our founder and chairman, Chief Raymond Dokpesi.”
The decision comes in the wake of the company’s recent financial challenges. Daar Communications Plc reported a loss of N1.6 billion for the financial year ended December 31, 2023. Industry analysts have pointed to increasing competition and changing media consumption patterns as contributing factors to the company’s dwindling fortunes.
The late Chief Raymond Dokpesi, founder of Daar Communications Plc, passed away on May 29, 2023. Following his demise, his son, Mr. Raymond Dokpesi Jr., who has been serving as the chairman since 2019, has been at the helm of affairs. The recent retirements are seen by many as part of a strategic move by the younger Dokpesi to restructure and reposition the company for better performance and profitability.
While no official statement has been released by Daar Communications Plc regarding the retirements, sources within the organization suggest that the move is aimed at injecting fresh ideas and energy into the company’s leadership.
“The company is going through a period of transformation. This decision is part of a broader strategy to revitalize our operations and adapt to the evolving media landscape,” the anonymous source added.
The retirement of seasoned executives like Mr. Akiotu and Mrs. Dokpesi marks the end of an era for Daar Communications Plc. Both have been instrumental in building the company’s reputation as one of Nigeria’s leading media conglomerates.
Industry watchers are keenly observing how these changes will impact the company’s operations and whether the restructuring will translate into improved financial performance in the coming years.
As of the time of filing this report, efforts to get an official response from Daar Communications Plc’s management were unsuccessful.
Editor: Gabriel Ani
