DAAR Communications Plc and DAAR Investment & Holding Company Limited (DIHL) have alerted regulators to alleged fraudulent alterations of shareholding records on the Corporate Affairs Commission (CAC) portal
They are demanding an immediate forensic investigation on the alleged infringements
The company asserts its 2024 verified records show DIHL holding 4,890,523,000 shares (61.13%), disputing an unauthorized increase in the CAC registry.
DAAR Communications Chairman Chief Raymond Paul Dokpesi Jr. in a statement signed by him, alleges a pattern of unlawful manipulation and statutory violations, including illegal share redistribution, despite ongoing administrative efforts to rectify the records.
In a move that is likely to send shockwaves through the Nigerian capital market, the Group Chairman on April 27, 2026, detailed a sophisticated scheme involving the unlawful redistribution of shares, unauthorized portal entries, and alleged administrative complicity within the nation’s corporate registry.
The Numbers in Dispute
The core of the dispute centres on a sudden and unauthorized “inflation” of shares. According to the company’s 2024 and 2025 audited filings, DIHL holds 4,890,523,000 shares (61.13%) of DAAR Communications. However, recent entries on the CAC portal show this figure has been surreptitiously increased to 5,016,418,000—an unexplained jump of over 125 million shares.
Dokpesi Jr. was categorical, that “no transfer of shares, no additional acquisitions, and no board-approved changes have taken place”. He insists any data deviating from the 2024 filings is a fraudulent fabrication.
Allegations of Grave Statutory Violations
The Chairman’s personal statement suggests the fraud goes deeper than mere numbers, alleging a direct assault on the Companies and Allied Matters Act (CAMA) 2020.
Key violations cited include:
Redistribution of Deceased Estates: Shares belonging to the late founder, High Chief Raymond Aleogho Dokpesi, and the late Captain Adamu Biu, have reportedly been moved without Lawful Probate or Letters of Administration. Legal documents filed on behalf of the company argues that under Nigerian law, the dead cannot sign transfer form.
Identity Hijacking: The company alleges that shares belonging to Ade Orekoya and Aishatu Dokpesi were reallocated without their consent.
Phantom Shareholders: In a bizarre twist, the Chairman insists that he has irrefutable proof of that Dr. (Mrs.) Oluwatosin Dokpesi has never been a director or shareholder in DIHCL, rather, based on a CAC manual file search, Anuolowapo Dokpesi was listed a director but not a shareholder.
Alleged Complicity at the CAC
Perhaps the most damaging allegation is the alleged failure of the Corporate Affairs Commission (CAC) to act. Despite formal petitions and pre-action notices filed as far back as October 2025, DIHL claims the registry has not only failed to rectify the errors but has actively obstructed transparency.
The statement added, “The CAC has denied us access to inspect physical documents or IP logs; This administrative silence suggests a high level of insider complicity that threatens the sanctity of Nigeria’s entire corporate registry system.”
Market Integrity and Next Steps
The company has now called upon the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX) to launch an immediate public inquiry and forensic investigation into the CAC’s electronic records.
Despite the internal turmoil involving legal suits from family members—including his younger brother, Engr. Peter Dokpesi—Dokpesi Jr. assured investors that the company’s operations remain stable and that the Annual General Meeting (AGM) scheduled for April 30, 2026, will proceed as planned.
He urged other Nigerian business owners to verify their own records against potential registry manipulation.
