Cham Plc, Nigeria’s leading identity management and Identity transaction systems provider has put in place strategies to enable it deliver huge returns on investment to it sh
Cham Plc, Nigeria’s leading identity management and Identity transaction systems provider has put in place strategies to enable it deliver huge returns on investment to it shareholders.
Chairman board of Directors of the company, Very Rev. Ayo Richards who revealed this at the 33rd Annual General Meeting of the Company in Lagos noted that Chams as a technology based organization was concentrating more on innovative products and services that will surpass the expectations of customers.
He said the company is collaborating with world class organizations to deliver products that will bring speed, convenience and security to transactions across a broad spectrum of the economy.
According to Richards, even though the Company recorded a loss after tax of N1.9 billion in 2016, this loss was heavily impacted by the huge impairment charges of N2 billion made on some of the company’s investments as directed by the International Financial Reporting Standards, IFRS on investment.
“These were investments made in our subsidiaries to position our group for a seamless execution of the concession on the National Identity Card Project which regrettably, became subject of mediation and arbitration.
“On the part of the board and Management, the impairment was a bold step in cleaning the company’s books of all overhang of the
unfortunate development in the National Identity Card Project on our performance”, Richards said.
For many companies operating in Nigeria, 2016 was particularly challenging full of many global and local macro- economic headwinds.
Most businesses and sectors of the Nigeria economy witnessed her worst economic performance in over 20 years recording four consecutive quarters of negative GDP growth rate and thereby sliding into recession. Inflation rose to a double digit of 18.45 per cent as at December 2016, foreign exchange liquidity challenge was heightened resulting into an exchange rate crisis in the country. Monetary Policy Rate, MPR was increased to 14 per cent to attract foreign portfolio investors to the country which further increased the cost of borrowing in the economy to rate in excess of 25 per cent.
Amidst the economic challenges Chams Managing Director, Femi Williams said the company was able to initiate and close major projects with its clients, adding that the company remains on the cutting edge of delivering innovative solutions and technologies to their clients.
Williams said Chams was particularly visible in the agriculture space in the course of the year under review.
“Chams was engaged by the Central Bank of Nigeria, CBN, Bank of Agriculture(BOA) to deploy Bank Verification Number, BVN, enrolment machines nationwide under the federal government Anchor Borrowers project. All farmers both rural and urban that will benefit from the program are expected to be identified through their BVNs.
“In view of our successful projects with the states and schools, we were also approached by the management of Afe Babalola, Ado Ekiti to develop the school’s management portal as well as the production of Smart ID cards. We developed a biometric device aimed at resolving the identity management issues of the institution particularly at it relates to attendance, head count among others”, he said.
The company also partnered Anambra state through IGR Hub development project.
The purpose of the project was to improve on the internally generated revenue of the state and to promote probity, transparency and accountability in government.
DAILY ASSET gathered that Chams through the membership solution product offering assisted the Chartered Institute of Personnel Management of
Nigeria (CIPMN) with the development of a membership portal containing
several modules covering registration of members, payment of professional dues. The company also partnered Institute of Chartered Accountants of Nigeria(ICAN), British Council, Joint Admissions and Matriculation Board, (JAMB) and SASCON during the year.
The managing director said to move back into profitability, the company will be involved in playing key and visible role in certain sectors that have ample opportunities and the key economic thrust of current administration.
He said Chams would continue to reinvent productivity and business processes by ensuring the development of cost and time saving technologies. “We will continue to improve on our existing array of technologies and solutions aimed at helping our client achieve increasingly complex and challenging outcomes more quickly than ever.
“We are deploying more of our solutions in the agriculture space, financial industry with focus on small and micro- finance sectors.
These efforts in the small and micro finance sectors are geared towards improving the level of financial inclusion in Nigeria”, Williams said.
According to him his management recognizes the power of building an intelligent and well diversified team to drive business outcomes and success, “this is why we strive to make our workplace the greatest place to work where everyone can contribute their quota towards achieving organizational goals and objectives,” he noted.
The managing director said he was convinced of a superior performance in 2017 even as the economy rebounds out of recession before the end of the year.
Shareholders of the company were also optimistic of the future of the company and expressed their confidence in the management whom they eulogized for safely stirring the ship of the company out of turbulence.
The shareholders also supported the appointment of Pastor Ituah Ighodalo and Wim Tapij Gielen as non- executive directors and Mrs Mayowa Olaniyan and Mrs Funke Alomooluwa as executive directors. These appointments, the shareholders said would strengthen the market position of the company locally and internationally.
Chams Plc established over 30 years ago, has evolved from computer and hardware maintenance to the provision of enterprise technology solutions in identity management and identity transaction systems for the public and private sectors.
The company is the first home-grown company to be listed in the Guinness Book of Records for setting up the mega ChamsCity Digital Mall. It is also the first computer technology company listed on the Nigerian Stock Exchange.
Chams Plc specialties span Identity Management, Biometric Solution Platforms; Business Process Outsourcing Services; Electronic and Card Payment Systems; Mobile Payments; ATMsales, deployment and support; POS deployment and support.
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