Shareholders of Chams Holding Company Plc have approved the company’s strategic transformation, which includes a name change to Chams Corporation Plc, the launch of a rights issue and private placement, and a comprehensive corporate restructuring as the company marks its 40th anniversary, setting the stage for its next phase of growth.
Chams recorded impressive financial performance in 2024 despite macroeconomic headwinds, most notably depreciation of the Naira. Revenue surged by 42 percent, from N9.6 billion in 2023 to N14.93 billion in 2024. Operating profit more than tripled from N370 million to N1.2 billion, while Profit After Tax jumped from N20 million to N391 million, a nearly twenty-fold increase.
Speaking after the company’s Annual General Meeting (AGM) held in Lagos over the weekend, Demola Aladekomo, chairman, Chams Holding Company Plc expressed confidence in the company’s strategic direction:
“We are delighted that our shareholders have endorsed our transformation agenda. The name change to Chams Corporation PLC reflects our evolving business model and long-term commitment to excellence. The rights issue and private placement will provide critical capital to seize new growth opportunities. We’re currently engaging with regulators to secure the necessary approvals. Our restructuring plan will drive operational efficiency and position us for sustainable expansion,” he said.
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“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 added.
Adebayo Adeleke, former General Secretary of the Independent Shareholders Association of Nigeria (ISAN) lauded 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,” he said.
Mayowa Olaniyan, Group Managing Director, Chams Holding Company Plc emphasised Chams’ regional expansion and new investments saying, “Through the ChamsAccess X Consortium in Sierra Leone, we are deploying our trusted identity management platforms across West and Central Africa, with plans to expand into North Africa.
“We are 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.
The shareholders unanimously approved the election of Chijioke Ugochukwu to the board as a non-executive director, ratified appointment of Olufemi Oyenuga as an executive director and re-elected Mohammed Santuraki and Tomiwa Aladekomo as non-executive directors.
