DIHL Accuses CAC of Shareholding Manipulation
Dahl Investment and Holding Company (DIHL), the primary shareholder of Dahl Communications, has raised serious allegations regarding the manipulation of the media and entertainment company’s shareholding structure with the Corporate Affairs Commission (CAC). The company, which operates African Independent Television and Ray Power FM, asserts that significant irregularities have occurred.
Claims of Illegal Share Redistribution
In a statement directed at the Securities and Exchange Commission, the Nigerian Exchange Limited, the Registrar to Dahl Communications, as well as the CAC and law enforcement agencies, DIHL accused unidentified parties of illicitly redistributing shares held by Mr. Raymond Areogo Dokpesi, the late founder, and the late Mr. Adam Biu. The company claims that these changes to shareholding were executed without the requisite legal documents, such as probate or letters of administration. This information comes from a press release signed by Raymond Paul Dokpesi Jr., a director and the current chairman of Dahl Communications.
Pattern of Documented Manipulation
According to DIHL, the discrepancies in shareholding are not mere errors but reflect a broader pattern of documented manipulation of public records. This assertion was emphasized in a press release obtained by Premium Times, which highlighted the serious nature of the allegations.
DIHL Holds Firm on Shareholding Figures
DIHL clarified that it has not increased its stake in DAAR Communications Plc beyond its legally documented holding of 4,890,523,000 shares, representing 61.13% of the company’s equity, as confirmed in its audited 2024 Annual Report. Any claims on the CAC portal suggesting a larger shareholding are categorically denied and deemed fraudulent.
Internal Family Disputes Following Founder’s Death
The late media mogul, who passed away on May 29, 2023, left behind a legacy that has sparked disputes among family members regarding the management of his estate. In an earlier statement, Dokpesi Jr. mentioned that his brother Peter Dokpesi had filed a lawsuit that he described as “meritless” against his chairmanship at Dahl Communications. Although efforts to keep these issues private were initially made, escalating developments necessitated bringing them to public attention.
Denial of Unauthorized Share Redistributions
Further allegations surfaced regarding the unauthorized reallocation of shares. According to DIHL, shares initially owned by key figures, including Mr. Orekoya and Mr. Dokpesi Jr., were reassigned without consent or proper transfer documentation. Letters from directors, including Ms. Halima Dokpesi and Raj Anthony Dokpesi, confirm their lack of knowledge regarding any purported redistributions of shares that would affect their holdings.
Ongoing Legal and Administrative Efforts
DIHL has made several attempts to rectify what it describes as falsified records at the CAC since last October, submitting formal petitions and meeting with officials. Despite these efforts, no resolution has been reached. Documents reviewed by Premium Times reveal that inquiries into the estate of Mr. Dokpesi have yielded no applications for Letters of Administration, further complicating the matter. In December 2025, Peter Dokpesi responded by asserting that the company underwent a significant reorganization in 2012 and challenged the validity of DIHL’s claims against the backdrop of its corporate history.
