A frontline Information and Communications Technology (ICT) company, Chams Plc has assured its shareholders of better days ahead following the successful outcome of restructuring which covers the company’s business model, products and financials.
Besides, the company has been deploying its e-voting platform to ensure cost-effective and seamless voting system for some reputable organisations in Nigeria.
The Group Managing Director and Chief Executive Officer, Mr Femi Williams who spoke on the company’s current status yesterday in Lagos explained that the company embarked upon restructuring to sustain its competitive edge and deliver value to all stakeholders.
Williams noted that the restructuring became necessary in view of the challenging operating environment in Nigeria and the need to grow the company’s balance sheet on sustainable basis.
“The company’s business model was modified from identity management to Intelligent Business Solutions, thereby carving a niche for us to be more innovative in providing solutions and platforms for private and public sector organisations. We are currently undergoing development in two innovative solutions that will be rolled out into the market soon.”, he said.
Williams explained that Chams Plc has recorded many success stories following the positive outcome of its restructuring exercise including award of the Bank Verification Number (BVN) project in partnership with Dermalog and it was delivered in all bank branches in the 36 states of the federation within timeline, deployment of e-voting platform called VOTA which is currently being used by organisations like Chartered Institute of Taxation of Nigeria (CITN) and Institute of Chartered Accountants of Nigeria (ICAN) and others.
“Our pharm IT Platform was successfully launched in December 2018 at Pharmaceutical Society of Nigeria (PSN) Conference. It is a technology solution developed for the Pharmaceuticals industry to enhance and manage drug distribution. Chams had developed a customized Rapid Application Development Framework for development of mission critical enterprise solutions for peculiar Nigeria and African environment. We had used this framework to deliver solutions for real estates, pharmaceuticals and other industries in Nigeria. Our subsidiaries have also achieved several commendable feats at the close of Q4, 2018. Some of these include provision of innovative solution to Telecommunication and financial institutions, especially Financial Issuance Solutions “, said Williams.
He noted that the company placed higher premium on working for the private sector but engages the government on partnership basis. He however urged the government to encourage local ICT companies through patronage of their products and services.
According to him ICT sector is quite challenging and capital intensive as the sector is rapidly changing in terms of technology saying government should address the issue of power and communication as they are critical to survival of the sector.
Williams assured the company’s shareholders that the successful outcome of its restructuring would enhance its profitability and Return On Investment (ROI).
“It is noteworthy that the repositioning exercise through a network of our seasoned human capital has begun to pay off despite the operating environment in Nigeria. The company’s financial fortune has been turned around to put smiles on the faces of our stakeholders.
“Therefore, we are positive that our top line and bottom line, as well as other major performance indicators, shall justify the substance and essence of the restructuring exercise. We are committed to delivering excellent technology and Business Intelligence solution(s) in line with our Quality Management System (QMS) to enhance of life. Also, we wish to state the commitment of our Board and Executive Management to the growth of the organisation as they work tirelessly to ensure worthy returns to the investors “. he said.