Chairman of DAAR Communications Plc, Raymond Dokpesi Jr, has opened up on the turbulent period that followed the death of his father, media mogul Raymond Dokpesi Sr, revealing how decisive and, at times, painful leadership changes were made to prevent the organisation from sliding into collapse.
Dokpesi spoke in Abuja while declaring his intention to contest for the chairmanship of the Broadcasting Organisations of Nigeria (BON).
He spoke on the internal crisis that engulfed DAAR Communications after his father’s passing on May 29, 2023, reports The Guardian.
According to him, the state of the company at the time demanded urgent intervention.
“The reality of the matter is that on the day my dad passed away on May 29, when President Tinubu took oath of office, the share price for DAAR Communications was 20 kobo from five naira, which it had listed.
“This is a reflection of the loss of investor confidence in the running of the company. And I felt that if things had gotten so bad with my dad alive, with his contacts and relationships in government, both past and present, and while the entire industry was growing, ours was sliding.
“It would be suicidal for me to say I want to try and continue on this same trajectory. So something needed to give.”
He disclosed that an emergency board meeting was held without his knowledge shortly after his father’s death, a development he said compelled him to step in to safeguard the company’s stability and restore proper governance.
Dokpesi admitted that the transition was neither smooth nor immediate, noting that some former management members were reluctant to leave, while outstanding salary obligations and internal tensions further complicated the process.
He, however, maintained that the overhaul was unavoidable.
“So we have got into a place and a phase today where maybe out of six organs of the company, four today are already fully self-sufficient, while the others are still getting there. But we are making progress. By the end of this year, I’m sure they will also be fully self-sufficient,” he said.
He added that restoring salary stability was made a top priority for the new leadership.
“I said to them, you have all the authority to make money and to spend money, prioritise your salaries as a line one expenditure.”
Dokpesi also extended an apology to former Group Managing Director, Tony Akiotu, and other members of the exited management, acknowledging that the process may have hurt feelings.
“So I will continuously apologise to Mr. Tony Akiotu and the exited management staff for whatever feelings they might have that were offended by the actions and the ways in which things turned out.
“But without apologies or without regrets, I believe that it was the right decision to make and the proof is in the pudding, which we already tested and the test is sweet.”
He said the recovery efforts have gradually restored investor confidence in the organisation, stressing that the decisions taken were guided by the need to secure DAAR Communications’ long-term survival rather than sentiment.
Speaking on his ambition to lead BON, Dokpesi Jr said he intends to bring the same principles of consultation, industry engagement and stability to the broadcasting body.
“Our objective is to serve the industry, build consensus among private and public broadcasters, and ensure the sector thrives in a fair, professional, and accountable environment,” he said.
