By Peter Egwuatu

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 Rights Issue, private placement, and a comprehensive corporate restructuring as it marks its 40th anniversary, setting the stage for its next phase of growth.

Despite macroeconomic headwinds, most notably the sharp depreciation of the Naira, Chams  recorded impressive financial performance in 2024. Revenue surged by 42%, rising from N9.6 billion in 2023 to N14.93 billion in 2024. Operating profit more than tripled, growing 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, Chairman Sir Demola Aladekomo expressed confidence in the company’s strategic direction.

“We are delighted that 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.

“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 noted.

Adebayo Adeleke, former General Secretary of the Independent Shareholders Association of Nigeria (ISAN), praised 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.”

The Group Managing Director, Mayowa Olaniyan, emphasized Chams’ regional expansion and new 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 expand into North Africa.

“We’re 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.

Meanwhile, the shareholders unanimously approved the election of Chijoke Ugochukwu to the board as a non-executive director, ratified appointment of Dr Olufemi Oyenuga as an executive director and re-elected Dr Mohammed Santuraki and Tomiwa Aladekomo as non-executive directors.