DAAR Communications Plc (DAARCOMM) has insisted that its board has not approved any changes to the company’s shareholding structure or effected such through applicable statutory processes.
The clarification by DAARCOMM followed an earlier report where the Corporate Affairs Commission (CAC) had denied manipulating the records of the company after a cyber attack.
This disclosure is contained in a notification sent by Daar Communications Plc to the NGX and signed by its Company Secretary, Jennifer Egbaran.
DAARCOMM had, in this response, noted that any variance currently reflected on the CAC portal does not align with the Company’s records and remains subject to ongoing review and engagement with the relevant authorities.
What the Company is saying
DAARCOMM said it had earlier notified the Nigerian Exchange Limited (NGX), the Security and Exchange Commission (SEC) and the CAC of discrepancies noticed in its shareholding records on the CAC portal.
- Daar Communications, in the statement, said, ‘’The Company notes that the publication references statements attributed to the Corporate Affairs Commission (CAC) regarding its records. DAARCOMM neither authorised nor contributed to the publication.
- ‘’The Company had previously notified Nigerian Exchange Limited (NGX), the Securities and Exchange Commission (SEC), and the Corporate Affairs Commission (CAC) of discrepancies observed in its shareholding records on the CAC portal.
- ‘’For clarity, no changes to the Company’s shareholding structure have been approved by the Board or effected through the applicable statutory processes.
- ‘’Any variance currently reflected on the CAC portal does not align with the Company’s records and remains subject to ongoing review and engagement with the relevant authorities.’’
It confirmed that all its filings with the CAC have been made in accordance with applicable laws and regulatory requirements.
More insight
DAARCOMM said it will continue to maintain a transparent and cooperative relationship with its regulators, including the SEC, CAC, and NGX, and will continue to engage through appropriate official channels to resolve the identified discrepancies.
It pointed out that its operations remain stable and uninterrupted, adding that all broadcast, commercial, and digital activities across its platforms continue to run efficiently with no impact arising from the issues referenced in the publication.
It also committed to the highest standards of corporate governance as it continues to operate in compliance with the Companies and Allied Matters Act (CAMA 2020), amongst other regulatory requirements.
- It stated, ‘’The Company remains committed to the highest standards of corporate governance and continues to operate in compliance with the Companies and Allied Matters Act (CAMA 2020), the Nigerian Code of Corporate Governance (NCCG), and all applicable regulatory requirements.’’
DAARCOMM advised the shareholders and the investing public to rely on the Company’s official disclosures and to exercise caution in interpreting third-party publications.
- ‘’Official information is disseminated through the NGX, the Company’s communication channels, and other approved regulatory platforms,’’ it added.
It stated that the company will continue to keep the market informed of any material developments in line with its disclosure obligations.
Backstory
DAAR Communications Plc and DAAR Investment & Holding Company Limited (DIHL) had earlier raised concerns over alleged fraudulent alterations of shareholding records on the CAC portal.
- The allegations were disclosed in a statement signed by the company’s Chairman, Raymond Dokpesi Jr. and reported by Africa Independent Television (AIT) on April 29, 2026.
- The company demanded an immediate forensic investigation into what it described as serious irregularities within the corporate registry system.
According to the company, its verified 2024 records show DIHL holding 4,890,523,000 shares (61.13%), a position it insists has not changed.
DAAR claimed that recent entries on the CAC portal reflect an increase in DIHL’s shareholding to 5,016,418,000 shares, representing an unexplained rise of over 125 million shares.
The company maintained that no share transfers, acquisitions, or board-approved changes were made to justify the adjustment.
The company further alleged that the Corporate Affairs Commission had not adequately addressed its complaints despite petitions submitted since October 2025.
What you should know
Nairmetrics reported that the CAC had, on April 29, denied allegations that it manipulated the records of DAAR Communications PLC following a recent cyberattack on its system.
The clarification comes amid reports suggesting that the cyber incident may have affected company data on the Commission’s portal.
The Commission described the allegation as false and misleading, insisting that no company data was altered or compromised.
It assured that it had already taken steps to investigate the dispute in line with its statutory responsibilities.
