Dokpesi, The Chairman Of Alooma, Recently Announced A Management Team Restructure That Aims To Strengthen Corporate Governance And Attract Investments. This Strategic Move Is Expected To Enhance The Efficiency And Effectiveness Of The Company’S Operations While Fostering A Conducive Environment For Future Growth And Financial Support. The Restructured Management Team Will Play A Crucial Role In Advancing Alooma’S Business Goals And Maintaining High Standards Of Corporate Governance, Thereby Boosting Investor Confidence In The Organization. This Development Signals Alooma’S Commitment To Creating A Solid Foundation For Sustainable Growth And Establishing Itself As An Attractive Investment Opportunity.

DAAR Communications Chairman Assures Investors After Retirement of Top Executive Management Staff

Abuja – Chairman of DAAR Communications Plc, Mr. Raymond Dokpesi Jr, has sought to reassure the investing public, stakeholders, and employees amid the recent retirement of key executive management staff. Dokpesi emphasized that this development does not present a setback for the organization; rather, it will make it more attractive to investors and financiers.

The retirement of key members of DAAR Communications’ executive management team, including Dr. Oluwatosin Dokpesi and Mr. Tony Akiotu, effective October 31, 2024, was announced as part of the company’s effort to comply with its Internal Control Policies and Procedures Manual. The manual mandates the retirement of executives who have served over ten years in their roles.

This announcement sparked some controversies, prompting the company to issue a formal clarification. However, in an exclusive interview with THISDAY in Abuja over the weekend, Chairman Raymond Dokpesi Jr. explained that the decision was taken in compliance with the company’s existing rules after becoming a public limited company.

Dokpesi expressed confidence that the retirement of executive members will facilitate the resolution of longstanding issues within the company and contribute to its return to profitability. He acknowledged that the decision to retire long-serving executives was a difficult one, but stressed that there should be no cause for concern within the organization. Dokpesi added that the retirement presents an opportunity for talented professionals who have been stagnant in their positions to be promoted and assume additional responsibilities.

The Chairman assured investors, regulators, and stakeholders that DAAR Communications Plc remains in control of the situation and will make responsible decisions in the best interest of all parties involved. He stated that the retirement exercise was not a witch-hunt, but rather adherence to the company’s unanimously adopted internal control principles.

Dokpesi also addressed concerns about family membership on the board and highlighted the importance of compliance with laws and regulations. He reiterated that members of DAAR Communications’ executive management are bound by a maximum tenure of two terms of five years, totaling ten years. Despite some individuals having served the company for more than 15 or 20 years, Dokpesi clarified that these tenures were applicable when the company was a limited liability company. As a publicly listed company, compliance with tenure rules becomes crucial.

Having listed on the stock exchange in 2008, the tenures of executive management members who joined before that time would have lapsed around 2018. Others who joined afterward saw their tenures expire between 2018 and this year. Dokpesi reiterated that the decision to retire senior staff was a challenging one but necessary for the growth of the organization.


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