Distinguished Shareholders, Members of the Board of Directors, Ladies, and Gentlemen, it gives me great pleasure to welcome you to the 37th Annual General Meeting of our company, Chams Plc. I shall be presenting to you the annual report for the financial year ended 31st December 2020.
On behalf of the Company’s Board of Directors, Management and subsidiary companies, I would like to welcome our shareholders and express my heartfelt gratitude for your continued support, patience, and perseverance over the years.
In 2020, the Nigerian economy witnessed the deepest recession since the early 1990s, following the economic crisis caused by the COVID-19 pandemic. The virus developed into a global pandemic in early 2020 which caused a global macroeconomic downturn, which in turn affected our domestic economy.
During the course of 2020, the COVID-19 pandemic triggered a paradigm shift across all political, economic, business and social economic structures globally. This necessitated a review of our business plans and business models to ensure that the Company is well positioned to deliver exceptional value to our shareholders in the medium-term.
Together with The Board and Management, we developed and implemented a new Unicorn Vision, to reinvent the Chams Group and open up new frontiers in terms of innovation through consumer-focused digital solutions.
Based on our short to medium-term strategies, there are exciting times ahead for the Chams Group, and we are committed to ensuring that our transformation objectives are achieved within the planned timeframes.
Guided by our clear vision and our organization’s rich legacy, we continue to strive towards our ambitious aspirations. I am confident in our capability to continue to grow and transform our organization to become truly dominant in our chosen areas of business while consistently delivering the returns that our shareholders deserve.