Hot SourceShareholders 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.
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 millio, 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 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. ”
Former General Secretary of the Independent Shareholders Association of Nigeria (ISAN), Adebayo Adeleke, 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.”
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.”
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