General
‘Sacking’ of Tosin Dokpesi, Other Directors Long Overdue—Chairman
By Aduragbemi Omiyale
The Chairman of DAAR Communications Plc, Mr Raymond Dokpesi (Jnr), has explained that the firm removed his stepmother, Mrs Tosin Dokpesi, and nine others as directors, saying the action was long overdue.
In an interview with The Sun, he disclosed that they should have stepped down from the position before his father’s death on May 29, 2023, because they had spent more than 10 years on the post, but the action was suspended because of “political turbulence.”
A few days ago, DAAR Communications, owners of AIT, Raypower and Faaji FM, confirmed that the affected directors would leave the media organisation on October 1, 2024.
The directors include Mr Tony Akiotu, Mr Ambrose Somide, Mr Anthony Uyah, Ms Paulyn Ugbodaga, Mrs Mary Lawrence-Dokpesi, Ms Faith Ikems, Mr Imoni Amarere, Mr John Iwarue and Mr Johnson Onime.
Speaking on the matter, Mr Dokpesi said, “I think the first thing to recognise is that it is not a personal decision to ask anyone to go.
“If I had it left to me, I would want to harness the experiences, the relationships and the skills that the existing management has for a little bit longer.
“But the reality of the matter is that we are a publicly listed company.
“We are the only publicly listed media company on the Nigerian Stock Exchange (Nigerian Exchange ) and that means we are also bound by the Securities and Exchange Commission rules and the code of corporate governance is mandatory for all publicly listed companies.
“So, that means our responsibilities to our shareholders transcend personal choices or personal opinions.
“We have persons who are leaving the organisation after 27 years; we have people who are leaving after 22 years.
“The vast majority of this time, they have spent in executive management positions and yet, the code of corporate governance and our internal documents state we should only do a maximum of two terms of five years.
“So, their retirement is, in fact, long overdue.
“It was a decision which ought to have been made, even as far back as five, six, seven years ago.
“But as of that time, my dad was still alive, very present and very active and also, we were going through different political turbulence as far as our organisation is concerned.
“Nobody needs to be reminded of the history of the former President Muhammadu Buhari administration with reference to the treatment of AIT and our founder in particular.
“Notwithstanding, whatever you want to say about the incumbent administration, I think, to some large extent, they have shown their capacity for accommodation of all shades of opinions from public broadcasters.
“We don’t feel the heat and the intimidation of governments as we did a couple of years ago and the time is opportune and right as well for us to review where exactly we want to go, going forward from here.
“For me, and I think also for the vast majority of members of our board, the decision comes down to simply determining: Do we want to continue on our existing trajectory or do we want to do something differently?
“If we are looking at doing something differently, it means we have to subject ourselves to abide by the terms and conditions of extant laws and regulations to give the investing public confidence into our organisation and the administration and also to be able to attract the kinds of funds and investments we need to grow and expand beyond our existing programmes.”
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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