The management of Chams Plc on Thursday assured the investing public and its shareholders that steps had been taken to ensure that the company would achieve sustained growth.
The outgoing Group Managing Director of the company, Mr. Demola Aladekomo, said this in Lagos when he and officials of the company visited the Nigerian Stock Exchange for the closing gong ceremony.
Aladekomo told journalists that the company had not only overcome the challenges it faced recently, it had been repositioned for better growth and returns for shareholders.
He said, “We are through with the bad days and we have balanced our portfolio to be 50 per cent private sector and 50 per cent public sector.”
He added that the the fact that the company had recorded revenue growth and profit since 2012 was evidence that it had left the turbulent years behind.
Aladekomo, who stressed that there had been heavy investment in product development as part of efforts to reposition the company to meet the current ICT needs of the country, said, “To satisfy our mass market we have launched a product called ConfirmeMe.”
ConfirmMe is a versatile verification platform, which the information and communication technology firm launched some months back.
According to the outgoing Chams GMD, the platform provides a secure platform for verifying identities using the Bank Verification Number database.
Aladekomo, who noted that the company had achieved N600m in earnings by June this year, said, “Based on the projects we have done this year we hope to sustain the growth in earnings and double the N600m by the end of the current financial year.
“We also plan to invest in new products because that is where we think we can make money and because these projects take time to mature we know we can make good return when they finally come on stream.
“By the end of September we expect proceeds from our investment in new products to start reflecting in our books.”
On the recent decision by the company to close ChamsCity digital village, one of its business unit, the outgoing Chams boss explained that the company had started the unit after winning a major contract with the National Identity Management Commission.”
Although there were problems with the contract, leading to the decision to close the unit, he said, “We are proud of what we achieved with that business unit, till today we hold Guinness Records for that project.”
Aladekomo, who is the founding MD of Chams and has served the company for 30 years, will retire effective September 18, 2015.
Consequently, the company’s Board of Directors has appointed Mr. Olufemi Williams as his successor with Mr. Luqman Balogun as the Deputy Managing Director.
Commenting on the decision, the Chairman, Chams, Ayo Richards, said, “Olufemi Williams is an exceptional leader. Since he joined Chams, where he has worked in various capacities, Williams has been extraordinary. His well-deserved appointment to the role of Managing Director and Chief Executive Officer affirms orderly leadership transition in the company which aligns with the board’s ratified succession plan which emphasises promoting capable internal candidates to leadership positions.”
On his part, Aladekomo said, “Williams is a brilliant colleague who has distinguished himself over the years as a highly talented, inspiring and energetic leader with positive attitude. I am personally delighted to be handing over the reins to such an outstanding leader.”
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Source : Punch