Sir Demola Aladekomo, Founder, Chams Plc and Executive Chairman of SmartCity, has called for the development of smart cities in Nigeria.
He said this was to necessary to accommodate the country’s expected population increase and rural to urban migration surge by 2050. Aladekomo made the call in a communique from the recently held Lagos Chamber of Commerce and Industry’s (LCCI) 2022 Information Communication Technology and Telecommunication (ICTEL) Expo in Lagos.
He said the call was pertinent following the United Nations (UN) estimate that about 275 million Nigerians were expected to migrate from rural to urban areas by 2050. Aladekomo, who spoke on Efficient Digital Infrastructures through Smart Cities, said that migration should be seen as a process and not problem.
According to him, good management of the migrating population and understanding migration factors can help utilise the phenomenon in a productive way without the inherent negative impact on the society.
“According to the UN’s Population Migration Division Section, Nigeria’s population is estimated to be about 411 million by 2050 and 794 million by 2100 from the present population of about 211 million, while rural-urban migration is estimate to hit 275 million in 2050 from 76 million in 2017. “A smart city is a place where you live, work and play that enhances the quality of life you live and you must be well entertained.
“Furthermore, it has to be environmentally friendly and sustainable seeing that smart cities generally provide better security and safety.
“Most importantly, its infrastructure apart from bein social, physical, governance and economic should be centred on the citizen,” he said.
The Chams Plc chair recommended the conversion of existing and poorly structured cities to smart cities by the use of polycentricity and agglomeration.
He stated that polycentricity could begin to create new decentralized cities and settlements around Lagos for example, and manage them digitally from the beginning by making them technology enabled.
“At the same time, these new decentralized cities should be agglomerated in a specialized form as healthcare city, technology city, agricultural city, etc.
“Agglomeration enhances productivity, commerce and cost optimization, job creation and poverty alleviation.
“Smart city components are; smart governance, smart energy, smart citizen, smart healthcare, smart technology, smart mobility, smart building, and smart infrastructure,” he said.
Aladekomo proposed the leapfrogging of relevant technology towards resolving infrastructural deficit.
He, however, noted that to achieve this, government must recognise population growth as an opportunity.
He added that government must accept that smart cities should be created and accept rural-urban migration not as a threat but reality.
He said government must use agglomeration, polycentric approach to governance, and use technologies to play crucial roles in the development and administration.
Aladekomo called for the encouragement of private sector participation, good governance and rule of law, building of sustainable institutions, and recognition replication of past heroes.
He disclosed that SmartCity PLC was currently building smart cities to create an intelligent future through their projects at Ibadan and Osogbo through suburb polycentricity.
Chams Plc, a financial technology organisation, has won Fintech platinum award for paving ways for Fintech industry to take-off and thrive in Nigeria and Africa.Mr Ade Bajomo, President, Fintech Association of Nigeria (FintechNGR), presented the award to the company at the maiden edition of Fintech Platinum Awards on Tuesday, in Lagos.Bajomo said that Chams’s outstanding works of excellence in the Fintech space were not just profound, but fundamental catalyst for changes which had brought huge economic, security and social growth to Nigeria.“The company has achieved success through large scale projects such as pioneering works on e-payment through formation of value cards in collaboration with six top Nigerian banks.“Others includes identity management through the first successful implementation of the Nigerian National Identification, establishment of the INEC Voters Database and Cards, SIMREG databases for NCC and telecommunications.“In addition, it is the first home-grown company to be listed in the Guinness Book of Records for setting up the mega ChamsCity Digital Mall and also the first computer technology company listed on the Nigerian Stock Exchange,” he said.Bajomo noted that Chams implemented the Nigeria’s Biometric Verification Number (BVN) which helped to solve the identity crises, to a large extent and curtailed fraud in the Nigeria banking system.In his remarks, Mr Demola Aladekomo, Founder and Chairman of Chams Plc., called for a smart regulation that would deepen the sector.According to him, this will attract more investments and transform lives through increased opportunities for the teeming African youths.Aladekomo, who was represented by Mr Gavin Young, the Group Managing Director, Chams Plc, appreciated the FintechNGR for the recognition and award.“Our aim is not to relent but to keep innovating and promoting Fintech solutions for a myriad of social and economic challenges faced by Nigeria and beyond.“The objectives of the award was to celebrate the best of Fintech Innovators and Startups who have contributed to the Nigerian economy, deepened collaboration amongst individuals and corporate institutions.”Those using innovation to solve national challenges, create employment, put Nigeria at the centre of innovation in Africa, and as a force to reckon with in the global tech landscape.“FintechNGR believes that these will ultimately prepare the nation to play actively in the Fourth Industrial Revolution,” he said.The News Agency of Nigeria reports that Chams Plc is a Nigerian company, that has been in Fintech business for over 38 years.Chams Plc was listed on the Nigerian Stock Exchange and is well-known for having championed e-payment, identity management and other major initiatives in Nigeria.
The Nigerian stock market extends its bullish run to close at N28.719 trillion from the N28.619 trillion recorded on Monday, an increase of N1 billion or 0.35 per cent.
The All-Share Index (ASI) also rose by 0.35 per cent to stand at 53,270.88 basis points compared with previous close of 53,086.86 basis points on Monday.
Consequently, both the month-to-date of the ASI declined by 0.6 per cent while year-to-date performance rose by 24.71 per cent.
Analysts at GTI Research said, “The stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue.”
The market breadth was positive as 16 stocks appreciated relative to 15 that declined.
GSPEC Plc recorded the highest price gain of 10 per cent to close at N2.75 per share.
Jaiz Bank followed with a gain of 7.95 per cent to close at 90k per share, while JapaulGold rose by 6.67 per cent to close at 32k per share.
Glaxosmith rose by 7.20 per cent to close at N5.11 while UACN gained 4.55 per cent to close at N31.75 per share.
On the other hand, Academy Press led the losers’ chart by 9.73 per cent to close at N11.50per share.
CutixPlc depreciated by 10 per cent to close at N2.69 and Cadbury dropped by 5.92 per cent to close at N16.65 per share.
FTNCocoa followed with a decline of 5.56 per cent to close at 34k per share, while WAPIC lost 4.70 per cent to close at 40k per share.
Honeywell Flour inched down by 4.55 per cent to close at N3.15.
The total volume of stocks traded was 234.62 million units, valued N2.745 billion, and exchanged in 4,232 deals.
Transactions in the shares of Transcorp topped the volume chart with 30.43 million shares valued at N37.21 million.
United Bank for Africa (UBA) followed with 25.8 million shares worth N201.34 million, while Chams Plc traded 20.53 million shares valued at N4.93 million.
NGX Group traded 18.53 million shares valued at N459.96 million, while Fidelity Trust Bank transacted 17.51 million shares valued at N59.35 million.
Trading on the Nigerian Exchange Ltd. rebounded on Wednesday with market capitalisation inching higher by N346 billion to close at N28.352 trillion, compared with N28.006 trillion on Tuesday.
Also, the All-Share Index (ASI), which opened at 51,949.64 rose by 641.77 points or 1.24 per cent to close at 52,591.41 on Wednesday, the largest single day gain since May 11.
The Year-to-Date (YTD) return rose to 23.12 per cent.
Analysts at Vetiva Dealings and Brokage said, “With the Monetary Policy rate hike and profit taking activities, the market closed today’s session with sell-offs across all sectors except for the telecoms sector, where demand in the dual-listed stock AIRTELAFRI improved market performance.
“We are likely to see another bearish close as negative sentiments filter into tomorrow’s trading session.”
Market breadth closed negative as 39 stocks declined while 10 advanced.
Chams Plc topped the gainers’ chart, gaining 9.52 per cent to close at 23k per share.
Airtel Africa followed with 9.39 per cent to close at N1,608, while FTNCocoa added by 6.06 per cent to close at 35k per share.
Veritas Kapital Assurance rose by 4.76 per cent to close at 22k, while Royal Exchange Assurance increased by 3.64 per cent to close at N1.14 per share.
On the other hand, McNichols Consolidated and Champion were up on the losers’ chart, dropping by 10 per cent each to close at N1.98 and N3.42 per share respectively.
PZ also lost by 9.92 per cent to close at N11.35, while Regent Alliance Insurance dipped by 9.68 per cent to close at 28k per share.
NEM Insurance lost 9.25 per cent to close at N3.63.
UACN maintained its leadership as the most active stock, exchanging 48.19 million shares valued at N618.64 million.
United Bank for Africa (UBA) followed with 31.85 million shares worth N250.52 million, while AccessCorp traded 30.69 million shares valued at N300.77 million.
First Bank of Nigeria Holdings (FBNH) sold 30.62 million shares worth N327.32 million, while Transcorp exchanged 27.33 million shares valued at N32.35 million.
In all, investors bought and sold 382.46 million shares worth N4.23 billion in 5,999 deals.
This was in contrast with 720.19 million shares valued at N8.87 billion exchanged in 6,096 deals on Tuesday.
Profit-taking activity continued in the Nigerian stock market on Thursday, with investors losing 33 billion naira on sales of 23 stocks.
The Nigerian News Agency (NAN) reports that the market capitalization fell 33 billion naira or 0.15% to close at 22.589 billion naira from 22.622 billion naira on Wednesday.
In addition, the All-Share index lost 63.93 points or 0.15% to close at 43,285.97 against 43,349.90 published on Wednesday.
As a result, the cumulative monthly and cumulative annual gains decreased to 3.0% and 7.5%, respectively.
The negative performance of the market was due to the depreciation of the prices of large and mid-capitalization stocks which are; FBN Holdings, FBNH; Lafarge Africa, UACN, Nigerian Exchange Group, NGXGroup and Guaranty Trust Holding Company, GTCO.
Analysts at Afrinvest Ltd said: "During the last trading session we expect the previous day's bearish performance to continue in the absence of a positive driver."
The size of the market was negative with 23 laggards, against 12 winners.
Chams Plc led the losing chart in percentage terms of 8.70% to close at 21,000 per share.
Regency Alliance Insurance followed with 7.50 percent to close at 37,000, while Unity Bank fell 7.41 percent to close at 50,000 per share.
FBNH lost 6.50% to close at N 11.50, while Associated Bus Company lost 6.06% to close at 31,000 per share.
Conversely, eTranzact International and Vitafoam Nigeria lead the winners in terms of percentage with 10 percent each to close at N 2.09 and N 20.90 per share, respectively.
Academy Press followed with 9.09% to close at 36,000 per share.
Jaiz Bank rose 6.45 percent to close at 66,000, while AXA Mansard Insurance appreciated 6.33 percent to close at N 2.35 per share.
In addition, the total transaction volume decreased by 20.5% to 210.55 million units valued at 2.61 billion naira traded in 3,423 transactions.
This contrasts with the 264.79 million shares worth 6.08 billion naira traded in 4,230 deals on Wednesday.
Trading in Sterling Bank shares dominated the activity chart with 60.19 million shares valued at 90.31 million naira.
eTranzact International followed with 14.08 million shares worth N29.44 million, while Transcorp sold 13.14 million shares worth N12.70 million.
GTCO traded 10.95 million shares worth N 288.45 million, while Jaiz Bank traded 10.43 million shares worth N 6.95 million.