Chams Holding Company Plc has appointed veteran banker and corporate leader Segun Oloketuyi as its new Board Chairman, succeeding founder Sir (Dr.) Demola Aladekomo, whose retirement from the board takes effect on July 9, 2026.
The appointment marks the end of an era for one of Nigeria’s pioneering technology companies, as Aladekomo concludes four decades of leadership that helped shape the country’s indigenous technology landscape.
Oloketuyi assumes the role as part of a planned succession strategy aimed at ensuring continuity in governance while positioning the company for its next phase of growth.
A Seasoned Financial Services Executive
Oloketuyi brings decades of leadership experience across Nigeria’s financial sector.
He began his career as an auditor at Deloitte before rising through the banking industry to become Managing Director and Chief Executive Officer of Wema Bank. He currently serves as Chairman of Greenwich Merchant Bank and Japaul Gold & Ventures Plc.
His appointment introduces extensive expertise in corporate governance, banking, and strategic business transformation at a time when Chams is strengthening its position across financial technology and digital infrastructure.
Closing the Chapter on Four Decades of Leadership
Aladekomo founded Chams with a vision to build indigenous technology solutions capable of serving Nigeria and the broader African market.
He spent 30 years as Group Managing Director before transitioning to the Board, where he continued providing strategic leadership for another decade, including serving as Chairman.
Under his leadership, Chams evolved into a diversified technology group with operations spanning identity management, payment infrastructure, card manufacturing, pension remittance services, biometric solutions, and digital innovation.
Its portfolio includes subsidiaries such as ChamsAccess, CardCentre Nigeria Limited, ChamsSwitch, and ChamsMobile.
Among the company’s most significant contributions was its role in implementing Nigeria’s Bank Verification Number (BVN) system, which has become a cornerstone of the country’s banking infrastructure and financial inclusion strategy.
Group Managing Director and CEO Mayowa Olaniyan credited Aladekomo’s leadership with laying the foundation for the company’s growth and long-term vision.
Leadership Transition Comes Amid Business Expansion
The board transition coincides with an active period for Chams.
In 2025, the company raised more than ₦7.5 billion through a Rights Issue and Private Placement, nearly doubling its equity base and marking its largest capital raise since listing on the Nigerian Exchange in 2008.
Although group revenue increased 19% to ₦17.65 billion during the year, profitability came under pressure as rising operating costs reduced gross margins from 29% to 21%. Finance costs also more than doubled to ₦896 million as the company increased borrowing to support expansion initiatives.
However, recent financial performance suggests improving momentum.
For the first quarter of 2026, Chams reported revenue of ₦4.2 billion and profit after tax of ₦429.4 million, compared with ₦148.9 million in the corresponding period of the previous year. Gross profit rose by 71%, reflecting improved cost management despite modest revenue growth.
While project-based card manufacturing and biometric hardware continue to generate the bulk of Chams’ revenue, the company is gradually expanding higher-growth digital services, including payment gateways, BVN maintenance, and pension verification solutions.
As Segun Oloketuyi assumes the chairmanship, Chams enters a new chapter focused on strengthening governance while advancing the innovation-driven vision established by its founder.
The leadership transition comes as the company seeks to balance operational efficiency with continued investment in indigenous technology solutions that support Nigeria’s evolving digital economy.
