Chams Holdco appoints Segun Oloketuyi as new board chairman

Chams Holding Company Plc has appointed Segun Oloketuyi as its new Board Chairman, succeeding founder Sir (Dr.) Demola Aladekomo. Aladekomo’s retirement from the board takes effect July 9, 2026, closing a chapter spanning four decades.

Oloketuyi brings a track record built across Nigeria’s financial sector. He began his career as an auditor at Deloitte in the 1980s to Managing Director and CEO of Wema Bank, and currently chairs both Greenwich Merchant Bank and Japaul Gold & Ventures Plc. His appointment is a planned succession designed to ensure continuity in governance as Chams enters its next phase.

He takes over from Aladekomo, who founded the company with an unusual ambition for the time, building world-class, indigenous technology solutions for Nigeria and Africa rather than relying solely on imported systems.

Aladekomo served as Group Managing Director for thirty years before moving to the board, where he provided strategic leadership for another decade, including a stint as Chairman.

Under his leadership, the company grew into a diversified technology group spanning identity management, payment infrastructure, card manufacturing, pension remittance services, and digital innovation, with subsidiaries including ChamsAccess, CardCentre Nigeria Limited, ChamsSwitch, and ChamsMobile.

Similar read: Chams founder Demola Aladekomo retires from board after 40 years

Perhaps his most consequential contribution was the company’s role in implementing Nigeria’s Bank Verification Number system, which has since become a foundational pillar of the country’s banking sector and broader financial inclusion efforts.

Mayowa Olaniyan, Group Managing Director and CEO of Chams Holding Company Plc, credited Aladekomo’s foundational role directly. “Sir Demola’s vision, courage, and unwavering belief in indigenous technology laid the foundation for everything the company has become today,” he said.

A leadership change at an active moment for Chams

This transition comes at a pivotal time for Chams. In 2025, the company raised over ₦7.5 billion from Nigerian investors through a Rights Issue and Private Placement, nearly doubling its equity base and achieving its largest capital raise since listing on the Nigerian Exchange in 2008.

The company’s financial performance reflects both progress and challenges. Group revenue grew 19% to ₦17.65 billion in 2025, but gross margins declined from 29% to 21% as costs outpaced income. Profit before tax fell despite higher revenue, and finance costs more than doubled to ₦896 million due to increased debt for expansion.

Recent results show that Chams is turning things around. In the first quarter of 2026, the company made a profit after tax of ₦429.4 million from ₦4.2 billion in revenue. This is a big jump from ₦148.9 million in profit the year before. Gross profit went up by 71% because the company managed costs better, though revenue only grew 8.5%.

Most of Chams’ money still comes from project-based card manufacturing and biometric hardware, while newer fintech services like payment gateways, BVN maintenance, and pension verification bring in less.

As Oloketuyi becomes chairman, the company says it will keep focusing on innovation and developing local technology, just as it did during Aladekomo’s 40 years leading the company.