By Peter Egwuatu

Shareholders task Chams on expansion of offshore businesses to enhance dividend

Shareholders of Chams Plc have advocated for the introduction of more solutions, expansion to offshore businesses to increase earnings and enhance dividend payment.

The shareholders commended the management of Chams for various initiatives that have been introduced to remain competitive given the harsh operating environment.

Addressing the shareholders at the 37th Annual General Meeting, AGM in Lagos, Chairman, Sir Demola Aladekomo stated: “Our organization has taken significant steps in ensuring that we continue to innovate, grow, and create the cutting-edge digital solutions and services that will be relevant today and fit for the future. During early to mid-2020, we embarked upon a new vision for the Chams Group with the primary objective to reinvent Chams to deliver value for our shareholders through a Consumer-Africa-Digital approach. This set us on a path to diversify our income streams through consumer-facing innovative digital solutions.”

Aladekomo further stated, “Chams Plc is historically a company which has achieved success and household brand recognition through large projects such as identity management, payroll management, BVN and voter’s registration, amongst others. However, over the past few years, Chams has evolved into a Group with diverse interests, particularly in the digital solutions and Fintech payments space.”

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“A major focus has been to support and grow our Fintech payment interests through our subsidiaries; ChamsSwitch Ltd. and ChamsMobile Ltd, and thereby extending payment solutions across a broad range of consumer and business segments.Also, our subsidiary Chams Access Ltd. launched a number of innovative digital solutions in 2020; Argone and Pension Central, among others.

In their remarks, shareholders generally commended the board and management for the several initiatives embarked upon to diversify revenue streams, whilst maintaining focus.

A shareholder who spoke the minds of shareholders, Mr Adebayo Adeleke said : We need the introduction of more solutions, expansion to offshore businesses and aggressive marketing amongst others to increase earnings and enhance dividend payment.”

Despite the inclement operating environment, induced by the COVID-19 pandemic, insecurity and macroeconomic uncertainties, the Group’s total current assets rose by 44 per cent, from N2.5 billion in 2019 to N3.6 billion in 2020. This was driven by effective management of cash reserves.

Vanguard News Nigeria

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