Connect with us

E-Business

ChamsCity’s Fate: A Huge Loss to Nigeria- Williams

Published

on

chams logo.jpg
Kindly share this post

Chams Plc, leading identity management solutions provider in Nigeria, has described the recent decision of the company to shut down the operation of its Chamscities, as a huge loss to the country’s technological development.

The company said the National ID Card Project would have benefited immensely from the facilities available at ChamsCity digital malls if everything had gone according to the implementation plan.

Mr. Olufemi Williams, managing director (designate), said “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.

“We had to make provisions for this huge loss over the past few years between 2009, 2010, and 2011 with the company returning to profitability from 2012 to date.

“We declared huge losses in 2009 and 2010 as a result of the protracted delays on the project but the bad days are gone and company has returned to profitability since 2012. The difficult situation experienced helped us to restrategise and we were able to declare profit in 2012 and 2013 and also paid dividend to shareholders in 2014.

“We are certainly back on our feet,” Williams declared. He further explained that moving on from the National ID project, ChamsCity will now focus more on its ancillary services of Business Process Outsourcing (BPO) such as contact centre services, computer-based testing, pre-qualification employee tests and staff training at its new location in Victoria Island, Lagos.

Speaking on the Company’s financial position, Williams stressed that “For a company to be able to withstand a loss of N9.2bn is not an easy feat and certainly not commonplace. It is a pointer to the Company’s financial strength and the proof of this is evident in our financial results. In spite of the burden of the loss, the Group has since 2012 returned to profitability, and this growth pattern had been sustained.

“We continue to record improved performances and posts impressive financial results as shown in our last audited result. For 2014 financial year, our audited result showed 20% increase in gross revenue from N3.44 billion in 2013 to N4.12 billion in the 2014 financial year. Profit after tax rose by over 48.7 per cent and Shareholders’ fund rose by 26.5 per cent from N4.7 billion in 2013 to N5.9 billion in the 2014 financial year. In addition we also paid a dividend of 2 kobo per ordinary share of 50 kobo held totalling N93.921 million”.

As part of the effort to improve shareholder value, Williams said Chams Plc is fully involved in the implementation of the ongoing Bank Verification Number project (BVN) and is also working on a number of other identity management-related projects.

The company recently launched the ConfirmMe verification service platform which has been well received by the market.

ConfirmMe is a robust Credit, Credential and Identity verification platform that offers verification services both individuals and corporate organizations in Nigeria and beyond.

The system connects various data sources to offer verification and validation of academic, BVN, Identity, Credit and other records.

It is positioned to become the technology platform for online real-time verification services across Identity repositories like Bank Verification Number, Credit Bureaus, Academic and professional qualifications, driver’s licence, among others.

“We are positive that with the innovative products mentioned above (developed in-house by our team of software developers) the financial horizon of the company for 2015 would be rewarding to our shareholders and other stakeholders,” he said.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Business

Kaspersky Discovers Vulnerability in Qualcomm Snapdragon Chips that can Lead to Data Loss & Device Compromise

Published

on

Kindly share this post

Kaspersky ICS CERT discovered a hardware-level vulnerability affecting Qualcomm chipsets that are widely used in a range of consumer and industrial devices, including smartphones and tablets, car components, IoT devices and more.

The vulnerability resides in the BootROM – firmware embedded at the hardware level. Attackers could potentially get access to any data stored on the device or device sensors like camera and microphone, implement complicated attack scenarios and in some circumstances get full control of the device. The results of the research were presented at Black Hat Asia 2026.

The vulnerability affects Qualcomm MDM9x07, MDM9x45, MDM9x65, MSM8909, MSM8916, MSM8952 and SDX50 series and was reported to Qualcomm in March 2025. Qualcomm formally acknowledged the vulnerability in April 2025. It has been assigned a CVE-2026-25262. Other Qualcomm-based chips may be affected as well.

Kaspersky researchers explored the Sahara protocol, a low-level communication system used when a Qualcomm chip enters Emergency Download Mode (EDL) – a special recovery mode designed for repairing or restoring smartphones or other devices. Sahara acts as the first step that allows a computer to connect to the device and load software before the operating system on the device starts.

Kaspersky demonstrated that a security flaw in this process could allow an attacker with physical access to the target device to bypass key security protections in the chip, compromise the secure boot chain and, in some cases, deploy malicious applications and backdoors to the chip’s Application Processor, thus fully compromising the entire device.

For example, in cases when the target device is a smartphone or a tablet, the attacker can potentially get access to entered user passwords, and subsequently this opens further access to multiple types of sensitive user data, such as files, contacts, location, access to the devices’ camera and microphone, etc.

A potential attacker only needs a few minutes of physical access to a device to compromise it. Therefore, if a smartphone has been sent for repair or left unattended for a short time, one can no longer be sure it is not infected. Researchers warn that the threat extends beyond end-user scenarios to include potential compromise during the supply chain phase.

“Vulnerabilities like this may allow attackers to deploy malware that is difficult to detect and remove. In practice, this could enable covert data collection or influence device behaviour over extended periods of time.

“While a reboot might seem like an effective way to remove such malware, it cannot always be relied upon: compromised systems may simulate a reboot without actually resetting. In such cases, only a complete loss of power – including battery depletion – guarantees a clean restart,” comments Sergey Anufrienko, security expert at Kaspersky ICS CERT.

Kaspersky advises organisations and individual users to exercise strict physical security control over devices including at the supply, maintenance and decommissioning phases. A reboot of the device by cutting off the power supply to the affected chip (if available) or full battery discharge may help to get rid of the malware if it was installed.


Kindly share this post
Continue Reading

E-Business

Survey Shows Gaps in Cybersecurity Policies and Employee Commitment Leave Organisations Vulnerable

Published

on

Kindly share this post

A recent Kaspersky survey entitled “Cybersecurity in the workplace: Employee knowledge and behaviour”, showed that 39% of professionals in the Middle East, Turkiye and Africa (META) region, consider cybersecurity rules in their company to be excessive or not fully appropriate.

While 7% noted that their organisations do not have cybersecurity rules or that they are not aware of them. These results show a disconnect between corporate cybersecurity policies and employee commitment to these rules, underscoring the risks associated with shadow IT and unmanaged device usage in the workplace.

Shadow IT is defined as the use of unauthorised software, devices, or services without IT oversight, and it has evolved into a critical business risk. While often driven by employee productivity needs, it creates blind spots for IT departments.

The rise of hybrid work environments, increased reliance on cloud-based tools and the spread of AI tools have accelerated this trend. Without robust cybersecurity management and oversight, organisations face heightened exposure to ransomware attacks, data leaks, and regulatory penalties.

19% of survey respondents in the META region said there are no policies regarding the use of non-corporate devices in their company. 35% of employees admitted that they can use their own devices to access business information, provided they have some type of cybersecurity protection, even consumer-grade software.

On the positive side, 21% said they can use their own device, but these must first pass more stringent corporate IT security checks; while 25% of respondents indicated that only devices provided by the IT function can be used for work purposes.

The situation is significantly better with permissions for employees to install software on corporate devices without IT department’s approval. 50% reported that only IT specialists in their company are allowed to install software, while in 31% of organisations only top management or designated users can do so. 11% of employees can install software that is approved by the IT team. However, 8% of respondents said that all users can install any software they need without IT agreement in their organisation.

At the same time 21% of professionals surveyed acknowledged that within the past year they installed software on their work devices without IT supervision. That highlights a persistent shadow IT challenge that continues to expose organisations to security vulnerabilities, compliance risks, and data breaches.

“Shadow IT is now a mainstream operational risk. When one in five employees installs software without IT oversight, it signals a policy gap. Many organisations already have security policies in place, but employee perception must also be considered.

Organisations should move beyond restrictive controls and instead implement intelligent, user-centric cybersecurity strategies that combine strategies that integrate technology with employee awareness and responsible use,” said Toufic Derbass, Managing Director for the META region at Kaspersky.

 


Kindly share this post
Continue Reading

E-Business

Microsoft Faces £1.7Bn Cloud Lawsuit in UK over Alleged Market Abuse

Published

on

Kindly share this post

Microsoft is facing a £1.7 billion ($2.3 billion) class action lawsuit in the United Kingdom over allegations that it abused its dominant market position in cloud computing.

Microsoft Faces £1.7bn Cloud Lawsuit in UK Over Alleged Market Abuse

Microsoft

The case, filed before the Competition Appeal Tribunal, was brought by Maria Luisa Stasi on behalf of about 59,000 British businesses and organisations. It alleges that Microsoft unfairly imposed higher costs on customers running its Windows Server software on rival cloud platforms.

Stasi said the company’s practices have had a significant financial impact on both public and private sector organisations over several years.

In allowing the case to proceed, the tribunal ruled that it has a “reasonable prospect of success.” The judges noted that Microsoft is alleged to have abused its dominance in the paid server operating system market to undermine competition in the cloud services space.

If the claim succeeds, compensation for affected organisations is estimated to range between £1.7 billion and £2.1 billion.

Microsoft has rejected the allegations and confirmed it will appeal the ruling. A company spokesperson said the decision does not represent a final judgment on the claims and that it disputes the substance of the case.

The lawsuit comes as regulators in the UK and the European Union intensify scrutiny of Microsoft’s cloud business practices. UK authorities are currently assessing whether the company should be designated as having “strategic market status,” a move that would subject it to stricter competition rules.


Kindly share this post
Continue Reading

Trending