DAAR Investment Drags CAC To Court Over Altered 300,000 Shares Of Late Chief Dokpesi

DAAR Investment and Holding Company Limited has filed a lawsuit against the Corporate Affairs Commission (CAC) at the Abuja Division of the Federal High Court, accusing the commission of unlawfully altering its shareholding structure.

In the suit dated 28 April, 2026, the company is asking the court to order the CAC to correct its register of members to reflect the shareholding structure contained in Form CAC 2A filed on 28 January, 2008.

Filed under suit number FHC/ABJ/CS/860/2026 by its counsel, Michael Jonathan Numa (SAN), the company is seeking a determination on whether the CAC acted improperly by making changes to the company’s records without any valid instrument of transfer or letters of administration relating to the 300,000 shares belonging to the late High Chief Raymond Dokpesi.

DAAR Investment argued that, under Section 115 of the Companies and Allied Matters Act (CAMA) 2020, the CAC is legally required to rectify its register in such circumstances.

The company is also asking the court to compel the CAC, through an order of mandamus, to carry out its statutory duties under relevant provisions of CAMA. These include appointing inspectors, investigating the company’s affairs and membership, and correcting its records.

Among other reliefs, the plaintiff is seeking a declaration that the CAC has a mandatory duty to conduct a full investigation into the alleged unauthorised changes to its shareholding structure, following a petition it submitted on 17 October 2025.

DAAR Investment further wants the court to direct the CAC to immediately restore its register of members to reflect the original shareholding structure, citing the absence of any authorised transfer of the late Dokpesi’s shares and the lack of letters of administration over his estate.

In an affidavit supporting the suit, deposed to by Mr Paul Raymond Dokpesi, the company stated that the changes to its shareholding structure were made without the knowledge or approval of its board, management, or shareholders.

“No notice of any proposed allotment was given to the existing shareholders of the company, and no general meeting was convened at which any allotment of shares was approved,” he said.

Dokpesi also maintained that no valid transfer of the late Dokpesi’s shares ever took place.

“No instrument of transfer of the 300,000 shares of the late High Chief Raymond Dokpesi was ever executed, presented to, or received by the company,” he stated.

He further alleged that he was wrongly allocated additional shares without his consent.

“I neither acquired, subscribed for, nor inherited any additional shares beyond the 50,000 units held by me since 2008,” he said.

Dokpesi added that other shareholders’ stakes were also wrongly affected.

“My sister, Aishatu Dokpesi, has not relinquished her shares, and the shareholding of Ade Oredola and Adamu Biu has not been forfeited,” he said.

On the status of his father’s estate, he said no legal process had been completed to justify any transfer.

“The estate has neither been administered under native law and custom nor subjected to any probate process,” he added.

He also argued that the alleged actions breached shareholders’ rights.

“The allotment of an additional 33,334 units of shares to me was without my consent and without the approval of the company through a general meeting,” he said.

According to him, the company had formally petitioned the CAC over the matter.

“Upon discovering the alteration, the company filed a formal complaint on 17 October 2025, requesting an urgent investigation and rectification of its records,” he said.

He noted that although the CAC acknowledged the complaint and requested 14 days to respond, it failed to act.

“Upon the expiration of the said period, the defendant took no steps whatsoever to investigate the complaint or rectify the company’s records, and provided no explanation for its inaction,” he said.