The long‑running succession and corporate governance dispute surrounding the estate of late media mogul, High Chief Raymond Aleogho Dokpesi, has escalated into litigation as DAAR Communications Plc and its holding company, DAAR Investment and Holding Limited (DIHL), filed suit against the Corporate Affairs Commission (CAC). The companies allege unauthorised alterations to their shareholding structures, including disputed reallocations of shares linked to the deceased founder, in violation of the Companies and Allied Matters Act (CAMA) 2020.
In a statement dated April 27, 2026, Chairman of DAAR Communications Plc, Raymond Paul Dokpesi Jr., accused Corporate Affairs Commission (CAC) of reflecting unauthorised changes on its online registry, warning that the development poses a serious threat to corporate governance and market integrity in Nigeria.
He said the matter, initially rooted in a family and succession dispute, escalated after discrepancies appeared on the CAC portal showing an increase in the company’s issued share capital from 4,890,523,000 to 5,016,418,000 shares, representing an unexplained addition of 125,895,000 shares.
Dokpesi Jr. insisted that no board approval, valid transfer instruments, or statutory filings supported the changes, describing them as unlawful and without legal basis.
He cited alleged breaches of the Companies and Allied Matters Act (CAMA) 2020, particularly provisions governing share transfer and transmission of shares of deceased persons, stating that such shares cannot be redistributed without probate or Letters of Administration.
He further alleged that shares previously linked to individuals, including Ade Orekoya and Aishatu Dokpesi, were reassigned without consent, while some directors were reflected as shareholders without executing any legal instruments.
According to him, “shares cannot move by mere portal entry,” stressing that no valid documentation exists to justify the alterations on the CAC system.
Dokpesi Jr. also questioned the emergence of new names on the corporate registry, demanding disclosure of resolutions or filings authorising their inclusion.
He accused CAC of refusing to release audit trails, IP logs, and authorisation records despite repeated requests, stating that the commission has relied on a “presumption of correctness” of its electronic records even after allegations of fraud were raised.
He warned that continued alterations without transparency suggested possible compromise of the registry system and posed a broader risk to Nigeria’s corporate governance framework.
The DAAR chairman said the alleged manipulation affected both DAAR Communications Plc and Daar Investment and Holding Company Limited (DIHL), describing it as a coordinated attempt to alter ownership positions and misrepresent control of the companies.
He stated that DIHL’s shareholding was historically structured equally among five directors: Raymond Dokpesi Jr., Peter Dokpesi, William Dokpesi, Raji Dokpesi, and Halima Dokpesi. He added that Catherine Dokpesi, daughter of Tosin Dokpesi, was previously associated with the company but was later excluded as a director after CAC indicated she was a minor.
Despite that, he alleged her name still appeared in CAC records without share allocation, raising questions about how her details were inserted into the system.
He said the disputed restructuring was originally intended to maintain equal distribution among stakeholders, but only Peter Dokpesi had formally objected to restoring the original structure pending proper estate administration.
He further stated that four of the five directors of DIHL had disowned the disputed changes and requested reversal of the entries, while internal family disagreements had complicated efforts to resolve the matter privately.
In a parallel notice to NGX Regulation Limited and copied to Securities and Exchange Commission (SEC), DAAR Communications confirmed it had formally challenged the alleged unauthorised CAC entries.
The company stated that its last verified position remained its 2024 Annual Report, which reflected an issued share capital of 8,000,001,000 ordinary shares, with DIHL holding 4,890,523,000 shares, representing 61.13 per cent.
It stressed that no share transfers or acquisitions were approved by the board or filed through lawful channels, adding that any CAC records suggesting otherwise are disputed and appeared to stem from a compromised registry system.
The company warned that the situation could amount to an attempt to alter ownership structure and defraud legitimate shareholders, calling for an immediate public inquiry and forensic audit of CAC electronic records.
Dokpesi Jr. also disclosed that the disputed entries were already affecting staff entitlements, statutory obligations, and the administration of the late founder’s estate.
Despite what he described as threats to his personal safety, he said he remained undeterred, adding that petitions have been submitted to relevant regulatory and security agencies.
He stressed that the integrity of Nigeria’s corporate registry system was critical to investor confidence and capital market stability.
Meanwhile, DAAR Investment and Holding Company Limited filed a suit at the Federal High Court in Abuja challenging CAC over alleged unauthorised changes to its shareholding structure, including the disputed reallocation of 300,000 shares linked to the late High Chief Raymond Dokpesi.
In the Originating Summons, the company, through a derivative action instituted by Chief Raymond Paul Dokpesi (Jnr) on behalf of surviving shareholders, sought an order compelling CAC to investigate the alleged irregularities and rectify its register of members.
CAC is the sole defendant in the suit filed under the provisions of the Companies and Allied Matters Act (CAMA) 2020, the Constitution of the Federal Republic of Nigeria, and the Federal High Court (Civil Procedure) Rules 2019.
The dispute centres on allegations that CAC recorded or permitted the transmission and reallocation of 300,000 shares previously held by the late Dokpesi to persons who were neither recognised joint holders nor legally appointed administrators of his estate.
The plaintiff argued that the alleged transfers were carried out without probate, letters of administration, or valid instruments of transfer, and were, therefore, null and void.
DAAR is also challenging the integrity of its register of members, alleging non-compliance with statutory requirements governing share allotment, transmission, and shareholders’ rights under CAMA.
Among the issues before the court is whether CAC is under a statutory duty to investigate the complaint and whether it should appoint inspectors to probe the company’s affairs under Sections 8, 357, 358, and 369 of CAMA 2020.
The suit also seeks an order directing CAC to restore the shareholding structure contained in Form CAC 2A dated January 28, 2008, which the company says reflects the lawful position before the disputed changes.
DAAR is seeking declarations that the alleged share transfers are invalid, an order of mandamus compelling CAC to act, and N50 million in costs.
The suit was filed by Chief Michael Jonathan Numa, SAN, of M.J. Numa & Partners LLP.
CAC, located at Maitama, Abuja, is expected to enter appearance within 30 days of service, failing which the matter may proceed in default.
The case further deepens the long-running corporate and succession tensions surrounding the estate and business interests of the late High Chief Raymond Dokpesi, founder of DAAR Communications Group.
The court is yet to fix a date for hearing.
… Dokpesi Estate Dispute: DAAR Communications Sues CAC Over Alleged Unauthorised Share Alterations … Naijaonpoint.
