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Tag: Chams

  • Chams’ shareholders approve new capital raising

    Chams’ shareholders approve new capital raising

    Shareholders of Chams Holding Company (Chams HoldCo) Plc have approved the plan by the group to inject additional equity capital and restructure its operations as part of a new growth strategy.

    At the annual general meeting in Lagos, shareholders approved the launch of a rights issue and private placement and a comprehensive corporate restructuring as the company marks its 40th anniversary.

    The meeting also approved the change in the group’s name to Chams Corporation Plc.

    Chairman, Chams Holding Company (Chams HoldCo) Plc, Sir Demola Aladekomo expressed confidence in the company’s strategic direction.

    He said the rights issue and private placement would provide critical capital to seize new growth opportunities.

    He said the group is currently engaging the regulators to secure the necessary approvals for the new capital injection.

    He expressed delight that the shareholders endorsed the group’s transformation agenda, noting that the name change to Chams Corporation Plc reflects the group’s evolving business model and long-term commitment to excellence.

    Read Also: Chams Holdco eyes new markets on BVN’s decade anniversary

    “Our restructuring plan will drive operational efficiency and position us for sustainable expansion. As we celebrate 40 years of innovation—from pioneering national identity solutions to trailblazing in e-payment technology—our journey has been one of transformation, resilience, and enduring relevance,” Aladekomo said.

    The audited report for the year ended December 31, 2024 showed that revenue rose by 42 per cent from N9.6 billion in 2023 to N14.93 billion in 2024. Operating profit more than tripled, growing from N370 million to N1.2 billion, while profit after tax jumped from N20 million to N391 million, a nearly twenty-fold increase.

    Group Managing Director, Chams Holding Company (HoldCo) Plc, Mayowa Olaniyan, emphasised Chams’ regional expansion and new investments.

    According to her, through the ChamsAccess X Consortium in Sierra Leone, the group is deploying its trusted identity management platforms across West and Central Africa, with plans to expand into North Africa.

     “We’re also investing in a state-of-the-art card manufacturing facility to meet the growing needs of the financial and telecom industries. Chams Group remains committed to leading digital payment innovation across Africa,” Olaniyan said.

    Former General Secretary, Independent Shareholders Association of Nigeria (ISAN), Adebayo Adeleke, praised the board and management for restoring profitability.

    “Chams is on the verge of a remarkable transition, one that sets the company up for another 40 years of impact, especially in the global fintech space. We, the shareholders, fully support the name change, restructuring, and eagerly await the commencement of the rights issue,” Adeleke said.

    The shareholders unanimously approved the election of Chijoke Ugochukwu to the board as a non-executive director, ratified appointment of Dr Olufemi Oyenuga as an executive director and re-elected Dr Mohammed Santuraki and Tomiwa Aladekomo as non-executive directors.

  • Chams records N182.8m net profit in Q1

    Chams Plc recorded significant growths in the top-line and the bottom-line in the first quarter as the identity management and electronic payment company continued its recent rebound.

    Key extracts of the interim report and accounts for the three-month period ended March 31, 2019 showed that turnover rose to N1.26 billion in 2019, as against N739 million recorded in comparable period of 2018. Compared with loss before tax of N129.52 million in first quarter 2018, the company recovered with a pre-tax profit of N182.85 million in first quarter 2019. After taxes, net profit stood at N182.84 million in 2019, as against net loss after tax of N119.16 million recorded in comparable period of 2018.

    The first quarter performance sustained Chams’ growth trajectory after the company recovered from a loss of N1.27 billion in 2017 to a profit of N380 million in 2018.

    Audited report and accounts of Chams for the year ended December 31, 2018 showed that the company’s total assets rose by 10 per cent to N5.25 billion in 2018 as against N4.77 billion in 2017. Total liabilities also reduced by 14 percent to N3.60 billion in 2018 compared with N4.20 billion in 2017. For the first time in several years, earnings per share turned positive at a modest 7.0 kobo.

    The company’s profit net profit margin increased on the back of 54 per cent growth in revenue while finance expenses declined by 34 per cent. Turnover grew by 54 per cent due to increased income from Identity management services, sales, maintenance of Bank Verification Number (BVN) services, supply of cards, sales of the Access control as well as income from switching service. The report also showed significant increase in other operating income due to amount recovered from impaired receivables and rental income.

    Chams had in 2018 restructured its operations for global competitiveness, including a change in business model, placing premium on identity management and introduction of innovative products and services.

    Group Managing Director, Chams Plc, Mr. Femi Williams said the results showed improvement in internal efficiency and the positive effects of the management’s determination to revamp the company’s operations for enhanced profitability in other performance indicators.

     

     

  • Chams counts gains of restructuring

    •Mulls new capital raising

    Chams has successfully restructured its operations and now on the path of sustained growth. The company has launched a process to further strengthen its balance sheet through injection of new capital.

    Group Managing Director, Chams Plc, Mr Femi Williams said the company’s businesses have been repositioned and now delivering improved results, assuring shareholders of better days.

    Addressing journalists on the activities of the company yesterday in Lagos, Williams said the company embarked upon restructuring to sustain its competitive edge and deliver value to all stakeholders.

    According to him, the restructuring exercise became necessary in view of the challenging operating environment in Nigeria and the need to grow the company’s balance sheet on sustainable basis.

    “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,” Williams said.

    He assured that the company’s top-line and bottom-line as well as other major performance indicators will justify the substance and essence of the restructuring exercise.

    He reiterated the commitment of the board and executive management to the growth of the company and delivery of worthy returns to the investors.

    He said the company has developed a robust private sector client base and now deploying its products to support corporate growth pointing out that Chams has deployed its e-voting platform to ensure cost-effective and seamless voting system for some reputable organisations in Nigeria.

    He explained that the company’s business model has been modified from identity management to intelligent business solutions, thereby carving a niche for it to be more innovative in providing solutions and platforms for private and public sector organisations.

    “We are currently undergoing development of two innovative solutions that will be rolled out into the market soon. Our pharm IT platform was successfully launched in December 2018 at the 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 Nigerian 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 fourth quarter of 2018. Some of these include provision of innovative solution to telecommunication and financial institutions, especially financial issuance solutions,” Williams said.

    He added that Chams 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, which 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.

    He noted that the company places higher premium on working for the private sector but also engages the government on partnership basis.

    He urged the government to encourage local information and communication technology (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.

    Williams assured the company’s shareholders that the successful outcome of its restructuring would enhance its profitability and return on investment (ROI).

     

  • Chams appoints Awosika Board chair-designate

    The Board of Chams Plc, a leading provider of identity management and intelligent business solutions has appointed Dr. Ajoritsedere Josephine Awosika, a Non-Executive Director, as the Chairman elect to steer the affairs of the company for the next five years.

    Her appointment takes effect after the 2017 Annual General Meeting (AGM) slated for April 2018. Awosika’s appointment is in line with the company’s corporate governance structure, business optimisation strategies and market repositioning in the years ahead.

    Dr. Awosika, the first woman to assume such a big responsibility in the history of the 33-years-old corporate entity, is a quintessential technocrat whose expertise spans across the broad spectrum of both public and private sectors of the economy.

    Awosika is bringing her wealth of experience at executive and board levels in administration, technology, health, power and banking sectors to bear positively on the business of Chams Plc.

    Prior to her latest appointment, the seasoned administrator and corporate amazon had served as the pioneer National Coordinator/Chief Executive of the National Programme on Immunization; Director (Parastatals) in the Office of the Head of the Civil Service of the Federation; and Director (Department of Community Relations & Youth Development) in the Ministry of Niger Delta Affairs, thereafter, she rose to the position of Federal Permanent Secretary.

    In recognition of her intellectual and professional competences in public administration, Awosika served as Permanent Secretary in the Federal Ministry of Interior; Permanent Secretary, Career Management Office, in the Office of the Head of the Civil Service of the Federation and Permanent Secretary, Federal Ministry of Science and Technology.

    She retired from the Federal civil service as the Permanent Secretary, Federal Ministry of Power in January 2013. She is currently serving on several boards, including Access Bank Plc, Adekunle Ajasin University, and Capital Insurance Nigeria Ltd.

    The current Chairman of the board, the Very Rev. Ayo Richards expressed his confidence in Dr. ‘Dere Awosika in taking the company to the next level. He described her as “a firm and success driven leader whose positive contributions in the public and private sector cannot be sidelined. It is my belief that her coming in as the Chairman of Chams PLC is a good omen especially at this time the company is going through a positive transformation and repositioning for growth”.

    Similarly, theGroup Managing Director of Chams PLC, Mr. Femi Williams said, “it is our great delight to have Dr. (Mrs.) ‘Dere Awosika as our next Chairman of the Board at this time of positive transformation of our business and it’s repositioning to dominate our market while going international. Her tested leadership qualities and wealth of experience in similar organizations in the past will add positive values to Chams PLC and her subsidiaries”.

    Speaking on her new appointment during a brief chat with journalists, Awosika gave all the glory to God and thanked her board colleagues for the confidence reposed in her.

    She said that her immediate plans are to provide, in collaboration with her colleagues on the Chams Plc’s board, purposeful leadership and innovative strategies required to re-position the company at the leading edge of competition and a reference brand in value addition to customers globally while giving good returns to all shareholders.

  • Chams eyes improved profit as product acceptability increases

    The management of Chams Plc has assured that the technology-innovation company would deliver improved profitability in 2016 and beyond as the company’s products increased their market share and efficiency.

    At the annual general meeting in Lagos, Group Managing Director, Chams Plc, Mr. Femi Williams, said with the recent restructuring of its businesses and continuous focus on customer’s needs, the company is poised for stable growth in the years ahead.

    He said the company has developed a portfolio of cutting-edge products that will ensure that it taps into emerging opportunities in the private and public sectors, adding that the company is poised to assist state governments to improve their internally generated revenues to fill the gap created by the decline in federal allocations.

    “The management of the company is working assiduously to improve financial performances in 2016, which is evident in our published first and second quarters 2016 financial statement. We would continue to introduce innovative products that would help bolster sales and increase market share,” Williams said.

    In the first half ended June 30, 2016, Chams grew turnover to N683.5 million as against N673.26 million recorded in comparable period of 2015. Gross profit improved from N302.70 million in first half 2015 to N393.98 million in 2016. As against pre-tax loss of N4633.96 million recorded in first half of 2015, the company returned to profit in 2016 with a pre-tax profit of N160.32 million. After taxes, net profit stood at N159.82 million by first half of 2016 compared with loss of N463.96 million recorded in the same period in 2015. Total asset has risen  from N9.14 billion by June 2015 to N9.97 billion by June 2016.

  • Chams to insurers: deploy IT tools to deepen penetration

    The founding Managing Director, Chams Plc, Sir ‘Demola Aladekomo, has urged insurers to explore the use of information technology (IT) tools to deepen penetration and fully optimise the huge potential of the sector in the country.

    He said with IT tools deployment, insurance would be seen, felt and sold like commodity which it actually is. It would be sold everywhere, he argued.

    He said: “There is a need for insurance companies and its professional bodies to leverage this (IT) platform by partnering with relevant companies and agencies in the technology sector to create and provide specialised services which would help update their internal and external operations.”

    With the swift accessibility of information and automation of business processes made possible by technology, Aladekomo urged insurance companies to take advantage of IT tools such as mobile phones, automated teller machines (ATMs), Point of Sale Terminal (PoS), online retail websites and kiosks to offer real-time services and products to members of the public for market penetration to expand their businesses to new frontiers.

    Speaking as guest speaker in Abuja during Insurance Industry 2015 Mega Conference, he listed ways through which risk-bearing companies can effectively leverage on IT tools to promote their products and services in the market considering the massive adoption of technology tools in the country.

    Represented at the conference by the Managing Director, Chams Access Limited, Funke AlomoOluwa, who delivered a paper titled Information Technology as a Strategy for Market Penetration and Expansion, Aladekomo urged insurance companies to develop vibrant digital marketing strategies and become more visible on social media platforms by interacting with their followers and the entire online community to sensitise them on the need to pick up an insurance plan.

    Aladekomo, who is the former president, Nigeria Computer Society (NCS) and Chair,  Smart City Resort Plc, said insurance companies could maximise the use of IT in building an efficient data base, conducting data analytics and recovery of lost items via systematic tracking.

    Smart City Resort Plc is the holdng company for the SmartCity Innovation Hub. The SmartCity Innovaton Hub is an A-grade technology development infrastructure promoted by the NCS, Association of Telecommunications Companies of Nigeria (ATCON), National Information Technology Development Agency (NITDA), and the Federal Ministry of Communications Technology.

    The project is a bold move to bring together technology, government and society in ways that promote the culture of innovation and the competitiveness between allied businesses and knowledge-based institutions.

     

  • Identity verification stalling e-payment, says Chams chief

    Identity verification stalling e-payment, says Chams chief

    The Group Managing Director, Chams Plc, Mr Femi Williams, has identified identity verification as one of the major stumbling blocks on the way of robust electronic payment in the country, adding that it is the way forward.

    Williams, who spoke in Lagos during the unveiling of new identity verification software called ConfirmMe at the company’s headquarters in Lagos, however, said the firm has erected an enduring ‘building block’ which will help individuals and corporate organisations overcome the challenge.

    He said: “Electronic transaction is the way forward in the country. It is in line with what is happening in developed countries. The major obstacle is confirmation. We have challenges with utility management but there are building blocks. We have built a unique platform to aggregate and validate all data. This will bring trust and convenience to business transaction in the country.

    “ConfirmMe is a unified platform which aggregates data from certified institutional sources from which accredited public and private institutions and businesses can verify data (credentials), and also prove identity. It is a secure and robust platform for accurate online real-time verification of identity, credit status, academic qualifications and credentials that saves time and money.

    ”The backend of ConfirmMe is powered by robust and reliable data sources because data quality is the single most important factor for the success of a compliant and risk mitigating identity verification solution that will meet market needs. Institutional supporters of the new service include Nigeria Interbank Settlement Systems, Joint Admissions and Matriculation Board, public and private universities, and the Credit Registry, Nigeria’s leading credit bureau institution.”

    Managing Director/Chief Executive Officer (CEO) of CreditRegistry Services, Mrs. Jameelah Ayedun, described the innovation as a welcome development as Nigerians can now access their credit reports and credit scores in a safe and secure manner via Chams online platform. CreditRegistry is Chams’ partner on the initiative.

    She said: “This initiative is in line with our vision of enabling fast, easy access to credit by consumers, entrepreneurs and businesses in Nigeria. It further demonstrates our commitment to promoting credit awareness, improving data quality and securing the credit identity of subjects on the bureau. We are delighted to partner with Chams to provide another trusted platform through which more people can access to their credit reports and credit scores from Credit Registry Services.”

    Shedding more light on the solution, Chams’ Deputy Managing Director, Mr. Luqman Balogun, said the solution is a secure, cost-effective, time-saving and convenient initiative that will have a defining effect on the integrity of business transaction in the country.

    He said: “ConfirmMe was deployed to allow institutions verify individual and corporate identity and data from their web browser using a simple and easy to use online portal that is unified. In no small measure, ConfirmMe will accelerate the traditional on-boarding process for new employees, clients and members. It is designed to put an end to the widely adopted time-consuming and labor-intensive manual execution process which usually leads to frustrating delays that have continued to strain business-to-consumer business relationships.

    “The launch of ConfirmMe aligns with the goal of the Central Bank of Nigeria (CBN) and the Bankers’ Committee to unlock the incredible potential of consumer finance offerings for the benefit of all Nigerians by putting in place a strong customer authentication in one fast and safe solution that mitigates fraud, meet complex new regulatory requirements, while saving time and money.”

     

  • Chams grows profit by 145% as Aladekomo retires

    Chams grows profit by 145% as Aladekomo retires

    Chams Plc doubled its pre-tax profit in 2014 as the information and communication technology company continued to strengthen its income and profitability.

    Key performance indices of the company showed appreciable improvements in overall performance outlook during the year ended December 31, 2014.

    Turnover rose from N3.44 billion in 2013 to N4.12 billion in 2014. While gross profit slipped from N1.85 billion to N1.55 billion on the back of higher cost of sales, the company reduced operating expenses to boost the midline. Operating profit rose to N392.3 million in 2014 compared with N320.2 million in 2013.

    Profit before tax jumped by 144.9 per cent from N106.92 million to N261.81 million. Profit after taxes also rose by 48.8 per cent from N188.46 million to N280.43 million.  The positive earnings also strengthened the company’s balance sheet. Total assets improved from N10.72 billion in 2013 to N12.09 billion in 2014 while shareholders’ funds increased from N4.68 billion to N5.92 billion.

    The improved performance encouraged the board of the company to recommend distribution of N93.92 million as cash dividends, representing a dividend per share of 2.0 kobo.

    The latest reports appeared to underline increasing profitability of the company’s operations. Audited report and accounts of Chams for the year ended December 31, 2013 had shown that turnover rose by 21.3 per cent from N2.84 billion in 2012 to N3.44 billion in 2013. Profit after tax rose by 115.3 per cent to N188.5 million as against N87.5 million in the previous year. The company’s net bottom-line was boosted by tax gain of N81.54 million. Total assets grew by 22.9 per cent to N10.7 billion compared to N8.7 billion. Shareholders’ funds improved from N4.5 billion to N4.7 billion.

    In his recent review, Group Managing Director, Chams Plc, Demola Aladekomo, said the performance of the company confirmed that the various initiatives that had been put in place have started bearing fruit.

    “To consolidate on our performance in the last financial year and maintain our profitability is quite commendable and we are confident that things can only become better for us. More gratifying is the fact that we have sustained our topline growth trajectory, an indication that we have continued to increase our market share and remain competitive. We have entered into some partnership agreements that will have positive impact on our performance in the coming years,” Aladekomo said.

    According to him, the priorities of the company in 2014 included completion of the ongoing restructuring across the group and dedication of its energy towards delivering value to all stakeholders; upgrading of its card personalization bureau to EMV-certified standard and fostering strategic alliance with its partners based in South Africa and Israel.

    He added that the company would also strive to launch new card products and solutions into the market; sustain growth in its market share; achieve a profit growth of 300 per cent while continuing to engage the investment community and keep them abreast of developments in the company.

    In the 2014, Chams drove the implementation of the Bank Verification Number project initiated by the Central Bank of Nigeria (CBN) and the Bankers’ Committee. It implemented the one-year project in partnership with Dermalog Identification Systems, a leading global company in the field of bio-payment. Chams and its technical partner, Dermalog, will work for five years on the Bank Biometric Matching Solution Project, which is expected to create 1000 new jobs for young professionals.

    Apart from its benefits to the national economy, which is bridging the formal and informal economy, the Bankers Biometric Matching Solution project and the increasing uptake of identity management products and services by private and public enterprises are expected to usher Chams into a new era of strength, financial stability, improved cash flow and profitability beyond the 2014 financial year.

    This will be the last audited report to be presented by the founding managing director, Aladekomo, who retires in April. Aladekomo is retiring as recent strategic initiatives appeared to be impacting positively on the fundamentals of the company.

    Chams recently indicated the impending retirement of Aladekomo and new appointments that will see orderly leadership transition. Aladekomo, who founded Chams in 1985 and has served the company as managing director for almost 30 years, would be retiring from September 18, this year.

    The board of the company had approved the appointments of the Deputy Managing Director, Olufemi Williams as Managing Director and Luqman Balogun, who is the  the Managing Director of CardCentre Nigeria Limited, a subsidiary of Chams Plc, as deputy managing director.

    Aladekomo has expressed confidence in the ability of his successors to take the information and technology company to higher level.

    He said he was leaving with the conviction that the new management would move the company to greater achievements. Aladekomo had nursed Chams from a private limited liability company to a public limited liability company. Chams was quoted on the NSE in 2008.

    “After almost three decades with the company as CEO, it is time to move on and transfer execution to a new generation of leadership. I look forward to working with the chairman, board and management team during the seven-month transition period and to being available as an advisor to management after retiring as CEO. I am confident Chams has all its best days ahead,” Aladekomo said.

    Chairman, Chams Plc, Mr. Ayo Richards, praised Aladekomo’s leadership qualities noting that he had been able to manage the company through its various transitions and challenges.

    “The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last 29 years,” Richards said.

    Aladekomo will proceed on leave in April 2015, handing over to Olufemi Williams as the group managing director and chief executive officer. Williams takes over from Aladekomo in alignment with the board of director’s ratified succession planning which emphasises promoting capable internal candidates to leadership positions.

    Until the announcement of Aladekomo’s retirement, Williams was the deputy managing director, and a Chams Plc veteran having joined the company in 1990 as a computer engineer. He rose to the position of general manager in January 2001, and held same until he joined SuperCard Limited as managing director in March 2004.

    Olufemi was appointed deputy managing director, Chams Plc in January 2012 after the merger of SuperCard Limited with Chams Plc.

    Prior to joining CardCentre in June 2013 as managing director, Lukman Balogun spent 22 years in banking in a career spanning retail and commercial banking, banking operations and information technology, credit and relationship management, cards and electronic banking, and project management.

  • ‘New generation leaders will take Chams to higher height’

    Retiring founding managing director of Chams Plc, Mr Demola Aladekomo, has expressed confidence in the ability of his successors to take the information and technology company to higher level.

    Chams Plc had last week notified the Nigerian Stock Exchange (NSE) of the impending retirement of Aladekomo and new appointments that will see orderly leadership transition. Aladekomo, who founded Chams in 1985 and has served the company as managing director for almost 30 years, would be retiring effective September 18, 2015.

    The board of the company has approved the appointments of the current deputy managing director, Olufemi Williams as managing director and Luqman Balogun, who is the currently the managing director of CardCentre Nigeria Limited, a subsidiary of Chams Plc, as deputy managing director.

    Aladekomo said he was leaving with the conviction that the new management would move the company to greater achievements. Aladekomo had nursed Chams from a private limited liability company to a public limited liability company. Chams was quoted on the NSE in 2008.

    “After almost three decades with the company as CEO, it is time to move on and transfer execution to a new generation of leadership. I look forward to working with the chairman, board and management team during the seven-month transition period and to being available as an advisor to management after retiring as CEO. I am confident Chams has all its best days ahead,” Aladekomo said.

    Chairman, Chams Plc, Mr. Ayo Richards praised Aladekomo’s leadership qualities noting that he had been able to manage the company through its various transitions and challenges.

    “The board is grateful for his innumerable contributions to the company and his distinguished tenure as CEO over the last 29 years,” Richards said.

    Aladekomo will proceed on leave in April 2015, handing over to Olufemi Williams as the group managing director and chief executive officer. Williams takes over from Aladekomo in alignment with the board of director’s ratified succession planning which emphasizes promoting capable internal candidates to leadership positions.

    Until the announcement of Aladekomo’s retirement, Williams was the deputy managing director, and a Chams Plc veteran having joined the company in 1990 as a computer engineer. He rose to the position of general manager in January 2001, and held same until he joined SuperCard Limited as managing director in March 2004. Olufemi was appointed deputy managing director, Chams Plc in January 2012 after the merger of SuperCard Limited with Chams Plc.

    Prior to joining CardCentre in June 2013 as managing director, Lukman Balogun spent 22 years in the banking sector in a career spanning retail and commercial banking, banking operations and information technology, credit and relationship management, cards and electronic banking, and project management.

    Aladekomo is retiring as recent strategic initiatives appeared to be impacting positively on the fundamentals of the company. Key extracts of Chams Plc for the third quarter ended September 30, 2014 showed that group turnover rose by 83 per cent while the company further deepened its bottom-line with 227.6 per cent growth in gross profit. Against the loss in the previous year, the group sustained its positive net earnings position.

  • Chams’ chief urges youths on entrepreneurship

    The Group Managing Director, Chams Plc, Sir ‘Demola Aladekomo, has urged Nigerian youths to take up the challenge of entrepreneurship.

    He said globally, entrepreneurs drive  thrive the economy and account for majority of new job creation and innovation.

    Aladekomo who made spoke  while delivering a paper titled The Entrepreneur as a Nation Builder at the 2nd Oladele Olashore Memorial Lecture at Joseph Ayo Babalola University (JABU), Ikeji – Arakeji in Osun State at the weekend noted that only a paradigm shift in the social consciousness of the literate youth could stem rising youth unemployment in the country.

    He lamented the inability of the  youths, especially graduates, to recognise societal needs as business opportunities that could be leveraged upon to create value and an enduring wealth for themselves and the nation at large.

    Dismissing the myth that entrepreneurs are born and but not made, Aladekomo described Nigeria as a land of opportunities for innovative and enterprising young people.

    Aladekomo who is immediate past president, Nigeria Computer Society (NCS), said: “It is ironic that we have lots of unemployed graduates when there are lots of societal needs that are not being met in the Nigerian market.”

    He wondered if it was lack of ideas or a false belief in how entrepreneurs are made that has kept the youths jobless at a time when the export market for cassava is grossly underserved.

    He said: “The scenario is the same across thriving sub-sectors of the national economy with an increasingly ageing workforce in which opportunities abound for energetic youth and new ideas.”

    According to him,  entrepreneurs are created through education, experience and mentorship, adding that nobody was born with exceptional entrepreneurial insight, ability or skills.

    He said: “With the right skills and attitude, any Nigerian youth with ambition and ideas can go far because of the existing limitless opportunities in the market.

    “Nigeria represents an exceptional and extremely exciting opportunity for young and smart entrepreneurs with guts.”

    While narrating his entrepreneurial journey which started informally in food supply and transportation, the Chams chief urged the youths to get over the fixation for paid employment and to boldly venture into the uncharted informal sector to raise service standards.

    “It is indeed delightful that Joseph Ayo Babalola University is striving to produce a new generation of youths that are self-sufficient, self-reliant, and competent,” he said.

    He advised the undergraduates to emulate America’s youthful entrepreneurs’ 25.8 million small businesses that employ more than 50 per cent of the private workforce, generating more than half of the nation’s gross domestic product (GDP).