Raymond Dokpesi Jr., chairman of DAAR Communications Plc, has raised concerns over what he described as a serious manipulation of the company’s shareholding records on the portal of the Corporate Affairs Commission (CAC).
The allegation comes weeks after the CAC disclosed it was reviewing a cybersecurity breach involving unauthorised access to parts of its systems.
In a statement released on Tuesday, Dokpesi Jr. claimed that the company discovered an unexplained alteration in its shareholding structure on the CAC portal. According to him, the total shares increased from 4,890,523,000 to 5,016,418,000—an addition of 125,895,000 shares without clear justification.
He warned that the issue goes beyond a family disagreement, describing it as a threat to corporate transparency and market integrity.
Alleged covert estate administration
Dokpesi Jr. further alleged that the changes were part of an attempt to redistribute the estate of his late father, Raymond Aleogho Dokpesi, without due legal process.
He explained that although the late media mogul held controlling interests in DAAR Investment & Holding Company Limited (DIHL), those shares were being reassigned electronically despite the absence of probate or letters of administration from a competent court.
According to him, the use of the CAC portal in this manner amounts to bypassing the Probate Registry, stressing that such actions are inconsistent with provisions of the Companies and Allied Matters Act (CAMA) 2020.
Dokpesi Jr. also alleged that shares belonging to both his late father and the late Captain Adamu Biu were redistributed without lawful authorisation, noting that under Nigerian law, deceased persons cannot execute share transfers without court approval.
Concerns over transparency and access
The DAAR chairman criticised what he termed the CAC’s lack of transparency, alleging that his team has been denied access to inspect physical documents used to effect the disputed changes.
He said that despite petitions, legal notices, and engagements with CAC officials since October 2025, no corrective steps have been taken.
He also claimed that further alterations continued to appear on the portal even after the complaints were lodged, raising suspicions of possible unauthorised access or internal compromise.
Dokpesi Jr. added that several individuals listed as beneficiaries of the disputed entries—including William Igbekhai Dokpesi, Raji Dokpesi, and Halima Dokpesi—have denied any involvement and supported calls to rectify the records. He noted that only Peter Dokpesi has defended the current register.
Petitions to regulators
In a separate statement, DIHL said it has formally notified key regulatory bodies, including the Securities and Exchange Commission, the Nigerian Exchange Limited, and the CAC, as well as security agencies, about the alleged irregularities.
The company urged authorities to disregard any ownership records that do not align with verified filings, provide a full audit trail of the transactions, halt further changes to the affected entries, and investigate those responsible.
DIHL warned that the situation could erode confidence in Nigeria’s corporate governance system and called on businesses nationwide to review their corporate records for possible discrepancies.
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