Chams Holding Company Plc said it is set for a significant transformation, rebranding and restructuring its operations to position itself for future growth and expansion.
As part of this strategic move, shareholders have approved 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.
Despite macroeconomic headwinds, most notably the sharp depreciation of the naira, Chams recorded an impressive financial performance in 2024.
Revenue surged by 42 per cent, 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 at the weekend, chairman Sir Demola Aladekomo expressed confidence in the company’s strategic direction, saying, “We are delighted that our shareholders have endorsed our transformation agenda. The name change to Chams Corporation 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 are currently engaging with regulators to secure the necessary approvals. Our restructuring plan will drive operational efficiency and position us for sustainable expansion.”
He added, “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.”
The group managing director of Chams Holding, Mayowa Olaniyan, emphasised Chams’ regional expansion and new investments, noting that “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.”
Speaking on behalf of shareholders, former general secretary of the Independent Shareholders Association of Nigeria (ISAN), Adebayo Adeleke, praised the Board and Management for restoring profitability, saying, “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.”
