Raymond Dokpesi Jr alleges manipulation of DAAR shareholding records on CAC portal

By Abubakar Yunusa

Raymond Dokpesi Jr., chairman of DAAR Communications Plc, has alleged a “grave” manipulation of the company’s records on the portal of the Corporate Affairs Commission (CAC).
The allegation comes few weeks after CAC said it was reviewing a cybersecurity incident involving unauthorised access to parts of its information systems.
Dokpesi Jr in a personal statement yesterday raised the alarm over what he described as an unauthorised increase in the shareholding of DAAR Communications, the parent company of Africa Independent Television (AIT) and Raypower FM.
According to the chairman, the company’s shareholding on the CAC portal was increased from 4,890,523,000 to 5,016,418,000 shares, an unexplained jump of exactly 125,895,000 shares.
“Our discovery of tampered records at the Corporate Affairs Commission (CAC) shifts this from a private family dispute to a grave matter of market integrity,” he said.
Dokpesi Jr alleged that the changes amount to a calculated attempt to administer the estate of his late father, Raymond Aleogho Dokpesi, without legal authority or probate proceedings.
He said while his late father held controlling shares in DAAR Investment & Holding Company Limited (DIHL), those interests were being redistributed through the CAC portal despite the absence of letters of administration from any high court.
“Someone used the CAC’s online portal as a substitute for the Probate Registry. That is not corporate restructuring. It is an attempt to administer an estate by stealth,” the statement read.
The chairman further alleged that shares belonging to the late founder and the late Adamu Biu were redistributed without lawful probate, in violation of provisions of the Companies and Allied Matters Act (CAMA) 2020.
“There has been an unlawful redistribution of shares belonging to our late founder and the late Captain Adamu Biu. These changes were effected without the requisite lawful probate or Letters of Administration. Under Nigerian law, the dead cannot sign transfer forms, and their interests cannot be moved without the intervention of the courts,” he added.
Dokpesi Jr expressed concern over what he described as the “administrative silence” of the CAC, alleging that the commission had denied his team access to inspect the physical documents relied upon for the alterations.
He said that despite formal petitions, pre-action notices, and meetings with CAC officials since October 2025, no corrective action had been taken.
The chairman added that the company continued to observe what he described as “mutations” in the online records even after the complaints were lodged, raising concerns about possible unauthorised access or insider complicity within the registry.
“The CAC has actively obstructed our right to transparency. Despite formal requests, they have denied us access to inspect the physical documents they supposedly relied upon to make these alterations,” he said.
He also alleged that several individuals listed as beneficiaries of the disputed entries, including William Igbekhai Dokpesi, Raji Dokpesi, and Halima Dokpesi, had disclaimed knowledge of the allocations and supported calls for rectification of the records.
Dokpesi Jr said Peter Dokpesi was the only party defending the current electronic register.
In a related statement, DAAR Investment & Holding Company Limited (DIHL), the majority shareholder of DAAR Communications Plc, said it had formally notified the Securities and Exchange Commission (SEC), the Nigerian Exchange Limited (NGX), the CAC, and other investigative agencies about the disputed entries.
The company called on regulators and registrars to disregard any ownership data inconsistent with verified filings, produce full audit trails of the transactions, freeze further alterations to the affected records, and prosecute individuals involved in the alleged manipulation.
The statement also signed by Dokpesi Jr, confirmed that formal petitions have been filed to security and regulatory authorities, warning that the situation could undermine confidence in Nigeria’s corporate governance framework.
“Nigerian institutions cannot be portrayed as lawless zones for corporate manipulation,” DIHL said.
The company urged business owners across the country to verify their corporate records, warning that the incident could signal broader vulnerabilities in the corporate registry system.