DAAR Communications Rejects Shareholding Change Claims Over CAC Record Discrepancy

DAAR Communications Plc (DAARCOMM) has clarified that no changes have been approved or implemented regarding its shareholding structure, following concerns over discrepancies in its records on the Corporate Affairs Commission (CAC) portal.

The company made the clarification in a formal notification sent to the Nigerian Exchange Limited (NGX), signed by its Company Secretary, Jennifer Egbaran.

DAARCOMM stated that it has not authorised any modification to its ownership structure and that all changes reflected on external platforms are currently under review with relevant regulatory authorities.

“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,” it stated.

It added that it had previously notified the Nigerian Exchange Limited (NGX), the Securities and Exchange Commission (SEC), and the Corporate Affairs Commission (CAC) about discrepancies identified in its shareholding records.

“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,” it said.

DAARCOMM further clarified that no changes to its shareholding structure have been approved by its board or effected through any statutory process.

“For clarity, no changes to the Company’s shareholding structure have been approved by the Board or effected through the applicable statutory processes,” it stated.

The company explained that any variance currently reflected on the CAC portal does not align with its official records and remains subject to ongoing engagement with regulatory authorities.

“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 added.

DAARCOMM confirmed that all regulatory filings have been made in compliance with applicable laws, including the Companies and Allied Matters Act (CAMA 2020).

The company reiterated its commitment to transparency, stating that it continues to engage constructively with regulators including the NGX, SEC, and CAC to resolve the discrepancies.

It also noted that its business operations remain stable and unaffected, with all broadcast, commercial, and digital services running normally.

DAARCOMM urged shareholders and investors to rely only on official disclosures released through recognised regulatory platforms.

“Official information is disseminated through the NGX, the Company’s communication channels, and other approved regulatory platforms,” it stated.

The company reaffirmed its commitment to strong corporate governance practices in line with the Nigerian Code of Corporate Governance and applicable regulatory frameworks.