By Celestine Okafor (Editor-in-chief)
What looks like a family feud has obviously turned into a full-blown corporate crisis, with allegations of tampered share records, insider complicity, and a public appeal to regulators.
In a dramatic and explosive shift from private grief to public confrontation, Chief Raymond Paul Dokpesi Jr., Chairman of DAAR Communications Plc, parent company of influential African Independent Television, AIT, and Raypower FM Radio Stations, has released two scorching personal statements accusing unnamed conspirators of systematically manipulating Nigeria’s Corporate Affairs Commission (CAC) portal to rewrite the company’s shareholding structure.
Recall that Chief Raymond Paul Dokpesi Jnr. is the first son and heir apparent to the late media mogul and founding Chairman of DAAR Communications PLC, High Chief Raymond Aleogho Dokpesi, the Ezomo of Weppa-Wanno Kingdom of Agenebode, Afemai land, Northern Senatorial district's of Edo State, South South, Nigeria.
The allegations, made public on Monday, April 27 and Tuesday, April 28, 2026, go far beyond a family dispute over inheritance. They point to what Dokpesi Jr. describes as an “extra-judicial administration” of his late father’s estate—without probate, without court orders, and potentially with alleged inside help from CAC officials.
The Core Allegation: Dead Men Cannot Sign Transfer Forms
At the heart of the crisis is the estate of late High Chief Raymond Aleogho Dokpesi (founder of DAAR Communications Plc), who held approximately 71.43% of shares in Daar Investment & Holding Company Limited (DIHL), the group’s holding vehicle.
Dokpesi Jr. claims that the CAC online portal now reflects an unlawful redistribution of shares belonging to his late father and the late Captain Adamu Biu; An inflation of DAAR Communications Plc’s total shares from 4,890,523,000 to 5,016,418,000—an exact increase of 125,895,000 shares; New names appearing as shareholders and directors without their knowledge, including Dr. (Mrs.) Oluwatosin Dokpesi, a TV journalist and one of the widows of late High Chief Raymond Dokpesi, who, he says, was never a director or shareholder and zeroed-out holdings of legitimate stakeholders without any signed transfer instruments.
“Under Nigerian law, the dead cannot sign transfer forms,” Chief Raymond Dokpesi Jnr's statement reads, adding that “Their interests cannot be moved without the intervention of the courts.”
Dokpesi Jr. however emphasizes that no probate or Letters of Administration have been granted by any court, a fact he says, has been confirmed in writing by the High Court of the FCT Abuja, Edo State Probate Registry, and the Lagos State Probate Registry.
A Pattern, Not a Glitch
The statements, which run several pages and cite specific provisions of the Companies and Allied Matters Act (CAMA) 2020, allege violations, including Sections 173 & 179 (Unlawful redistribution of a deceased person’s shares without probate); Section 175 (Shares cannot move by mere portal entry; a proper Instrument of Transfer executed by both parties is required); Lack of transferor consent (Shares of living persons, e.g., Ade Orekoya and Aishatu Dokpesi were reallocated without their authorization).
Perhaps most alarmingly, Chief Raymond Dokpesi Jr. claims, is that four out of five board members have signed disclaimers stating they are not party to any shareholding changes at the Corporate Affairs Commission (CAC). Only Engr. Peter Dokpesi (his younger brother) and Dr. Oluwatosin Dokpesi, have not asked the CAC to restore the original records, and have elsewhere defended the changes.
“Unfortunately for the conspirators, whoever performed the data entry made errors they tried to correct and left a digital trail they cannot erase", Dokpesi Jnr. fumed.
Why Speak Now?
From Family Discretion to Regulatory Necessity
Dokpesi Jr. acknowledges that he came out now to speak about his observation and discovery about the share manipulation at the nation's corporate registry (CAC) because of discretion, regulatory necessity and the need to kept family disagreements private. But he argues that DAAR Communications Plc is a publicly listed company, bound by the NGX Rulebook (Rule 17.5) and the Investments and Securities Act.
“Maintaining silence would not only be ‘irresponsible’ but could be legally interpreted as concealing a material fact, potentially exposing me to liability for facilitating a ‘false market.’”, Dokpesi Jnr said.
He also states that the manipulation has frustrated payment of staff wages and severance; Stalled efforts to secure Letters of Administration for his father’s estate; Damaged the brand known as DAAR Communications (parent company of African Independent Television, AIT and Ray Power FM Radio Stations among other subsidiaries) and hampered debt resolution.
He also claims to have received “grave warnings” regarding his personal safety and that of his young family but vows not to be intimidated.
CAC Accused of Obstruction and Complicity
Perhaps the most damaging claim is directed at the Corporate Affairs Commission (CAC) itself. Chief Raymond Dokpesi Jnr however alleges that despite formal requests, the CAC has denied him access to inspect physical documents supposedly relied upon for the alterations.
He also claimed a “presumption of correctness” by the CAC even after being put on notice of fraud. Dokpesi Jnr stated that the CAC also refused to provide him with IP logs, authorization trails, or access to documents. “This administrative silence suggests a high level of insider complicity that threatens the sanctity of Nigeria’s corporate registry", he quipped.
Petitions Filed – What Happens Next?
Chief Raymond Paul Dokpesi Jr. states that he has sent formal petitions to all relevant security and regulatory agencies, including what appears to be the Securities and Exchange Commission (SEC) and law enforcement bodies. He calls the emergent situation “an attempt to administer an estate by stealth”, and warns that allowing Nigerian institutions to be portrayed as “lawless zones for corporate manipulation” will cripple foreign direct investment to Nigeria.
For now, the ball is in the court of regulator and the public is watching.
A Crisis of Trust
Whether this development is a genuine case of corporate fraud or an escalation of a family inheritance battle, one thing is clear: the integrity of Nigeria’s corporate registry, the Corporate Affairs Commission (CAC) has been called into serious question. “The protection of market integrity and the rights of thousands of public shareholders now legally supersedes the desire for a private family settlement", said Dokpesi Jnr.
Has the CAC become a tool for alleged extra-judicial estate administration?. NNL.