Chams “back on its feet” after N9.2 billion Nigeria National ID Card loss, MD says
Chams Plc., a Nigerian technology company specializing in identity management services, says it has recovered from losses totalling over N9.2 billion allegedly caused by a breach of its concession agreement with the Federal Government on the Nigeria National ID Card project.
Chams Plc. recently said its incurred financial losses totaling N9.2 billion and also decided to shut down the operation of its Chamscities, “caused as a huge loss to Nigeria’s technological development.”
The Nigerian company said its losses caused by an alleged breach of terms of its concession agreement on the National ID Card project by the National Identity Management Commission (NIMC), the government ID management agency.
[blockquote right=”pull-right” cite=”Mr. Olufemi Williams, Managing Director designate of Chams Plc.”]“Yes, we built ChamsCity to facilitate the National ID Project and lost a whooping N9.2 billion of shareholders’ fund in the process as the NIMC decided to call off the concession agreement signed in 2010, 5 years into the deal. Consequently, we took the business decision to close down ChamsCity, but we are currently in arbitration over the disputes on the issue.”[/blockquote]
NIMC has denied the allegations by Chams Plc. by claiming that they are “campaign of calumny” by the Nigerian company following the cancellation of its National ID Card project.