Chams HoldCo Rebrands as Chams Corporation Plc, Eyes African Expansion After 42% Revenue Surge

Chams Holding Company PLC is charting a bold new path after shareholders overwhelmingly approved a strategic transformation plan at its 41st Annual General Meeting (AGM) held over the weekend in Lagos. This plan includes a corporate name change to Chams Corporation Plc, launch of a Rights Issue, private placement, and an ambitious corporate restructuring — all aligned with the company’s renewed focus on fintech innovation and pan-African expansion.

The AGM was attended by key leadership, including Non-Executive Director Muhammed-Bashir Yunusa; Executive Director, Dr. Femi Oyenuga; Group Managing Director, Mayowa Olaniyan; Group Chairman, Sir Demola Aladekomo; Company Secretary, Oluwaseun Osuji; Non-Executive Directors Ali Yusufu Modibbo and Sir Ayobola Abiola; and Chief Financial Officer, Adeoye Onaderu.

Financial Highlights: Strong Growth Despite Economic Headwinds

Despite the challenges posed by Nigeria’s macroeconomic landscape, including the Naira’s sharp depreciation, Chams delivered a remarkable financial performance in 2024:

Revenue jumped by 42%, from N9.6 billion in 2023 to N14.93 billion.

Operating profit surged from N370 million to N1.2 billion.

Profit After Tax (PAT) soared from N20 million to N391 million, a nearly 20-fold increase.

Leadership Speaks: Transformation and Vision

Speaking on the rebranding and transformation, Group Chairman, Sir Demola Aladekomo, stated:“The change to Chams Corporation PLC represents our evolving business model and commitment to long-term value creation. The Rights Issue and private placement are key to raising the capital we need for the next growth phase. We are already in talks with regulators and expect smooth approvals.”

Reflecting on the company’s 40-year journey, he added: “From pioneering Nigeria’s identity management to advancing e-payment technologies, our legacy is one of resilience and innovation. This restructuring sets the foundation for another 40 years of impact.”

Former ISAN General Secretary, Adebayo Adeleke, commended the company’s return to profitability:

“We are witnessing a historic transition. Shareholders are confident in the company’s direction and eagerly anticipate the Rights Issue.”

Expansion and New Ventures Across Africa

Group Managing Director, Mayowa Olaniyan, unveiled Chams’ regional expansion strategy:

“Through the ChamsAccess X Consortium in Sierra Leone, we are deploying our identity platforms across West and Central Africa, with sights on North Africa next. Additionally, our upcoming card manufacturing facility will serve the growing demands of the finance and telecom sectors.”

She reaffirmed the company’s commitment to leading digital payment innovation across the continent.

Board Changes and Governance Updates

At the AGM, shareholders ratified key governance actions:

Chijoke Ugochukwu was elected as a Non-Executive Director.

Dr. Femi Oyenuga was confirmed as Executive Director.

Dr. Mohammed Santuraki and Tomiwa Aladekomo were re-elected to the board.

Related News:

Julius Berger disburses N5.2 billion dividend to shareholders

IMG Plc set to launch N6.5 billion Rights Issue, declares N400 million dividend

Dangote Sugar Refinery announces Aliko Dangote’s retirement as Chairman

Conclusion:

With a new name, clear growth strategy, and revitalized leadership, Chams Corporation Plc is positioning itself as a continental fintech powerhouse. The company’s strong financial performance and ambitious restructuring efforts offer a promising outlook as it moves confidently into its fifth decade.