Raymond Dokpesi Jr., the Chairman of the Board at DAAR Communications Plc, has extended an apology to Tony Akiotu and other former management personnel concerning the manner of their departure. Despite this apology, he stands by the leadership adjustments made following his father's passing, asserting they were vital for stabilizing the company and re-establishing investor trust after a period of downturn.
Dokpesi Jr. indicated that these decisions were critical to securing the organisation's future and its capacity to attract investment. He shared that upon his father's death on May 29, 2023, which coincided with President Bola Tinubu's inauguration, the company's share value had plummeted from ₦5 to a mere 20 kobo, signalling a severe loss of confidence from investors.
He explained that the urgent need to address this financial crisis made decisive action unavoidable, stressing that emotional considerations could not supersede the imperative for the company's survival and sustained growth.
Dokpesi Jr. acknowledged the complex and protracted nature of the transition, which spanned over a year and was further complicated by internal opposition, outstanding salary payments, and general unrest within the organisation.
He reported that four of the company's six business divisions have now achieved full operational independence, with the remaining two making significant progress toward financial self-sufficiency. He views this development as validation of the choices made.
While reiterating his apologies to Akiotu and other departed executives for any distress caused, Dokpesi Jr. firmly maintained that the leadership restructuring was the correct strategic move, contributing to the company's current stability and improved market perception.
Looking ahead, Dokpesi Jr. stated that if elected as the chairman of the Broadcasting Organisations of Nigeria (BON), he would apply similar principles of collaborative decision-making, consensus building, and commitment to stability to bolster the Nigerian broadcasting sector.
By Friday Olokor
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