Shareholders of Chams Holding Company Plc have given their approval for a strategic overhaul that includes a name change to Chams Corporation Plc, the launch of a rights issue and private placement, and a wide-ranging corporate restructuring. The move coincides with the company’s 40th anniversary and is aimed at setting the stage for its next phase of expansion.
Chams delivered strong results in 2024 despite macroeconomic challenges, including the depreciation of the Naira. Revenue climbed by 42 percent, from N9.6 billion in 2023 to N14.93 billion in 2024. Operating profit more than tripled, increasing from N370 million to N1.2 billion, while Profit After Tax surged from N20 million to N391 million, representing nearly a twenty-fold rise.
Speaking after the company’s Annual General Meeting (AGM) in Lagos over the weekend, Chairman Demola Aladekomo expressed confidence in the company’s strategic course:
“We are delighted that our shareholders have endorsed our transformation agenda. The name change to Chams Corporation Plc reflects our evolving business model and our long-term commitment to excellence.
“The rights issue and private placement will secure vital capital for new growth opportunities. We are already engaging with regulators to obtain the necessary approvals.
“Our restructuring plan will drive operational efficiency and position us for sustainable expansion,” he said.
“As we celebrate 40 years of innovation, from pioneering national identity solutions to breaking ground in e-payment technology, our journey has been defined by transformation, resilience, and lasting relevance,” Aladekomo added.
Adebayo Adeleke, former General Secretary of the Independent Shareholders Association of Nigeria (ISAN), commended the board and management for restoring profitability:
“Chams is on the cusp of a remarkable transition that positions the company for another 40 years of influence, particularly in the global fintech space.
“We, the shareholders, fully support the name change, restructuring, and eagerly anticipate the rollout of the rights issue,” he stated.
Group Managing Director Mayowa Olaniyan underscored Chams’ regional expansion and ongoing investments:
“Through the ChamsAccess X Consortium in Sierra Leone, we are deploying our trusted identity management platforms across West and Central Africa, with plans to move into North Africa.
“We are also investing in a state-of-the-art card manufacturing facility to meet the rising demand from the financial and telecom industries.
“Chams Group remains dedicated to driving 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 the appointment of Olufemi Oyenuga as an executive director, and re-elected Mohammed Santuraki and Tomiwa Aladekomo as non-executive directors.