Chams HoldCo Plans Capital Raising to Enhance Profitability


Chams Holding Company Plc announced its intention to raise additional funds to expand operations and boost profitability during its recent annual general meeting. Chairman Demola Aladekomo highlighted plans to increase the production capacity of CardCentre, which is expected to enhance profits and enable shareholders to receive dividends soon.

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Additionally, ChamsSwitch aims to form a partnership with a financial institution to execute its collaboration with UnionPay, and other subsidiaries have strategic plans for growth in 2024.

Reflecting on 2023, Aladekomo noted that Chams Group persevered despite economic challenges, introducing innovative digital solutions and achieving significant share price growth, with shares recognized as the second-best-performing stock on the Nigerian Exchange (NGX).

Revenue for Chams Holding Company Plc increased by 92% to N9.6 billion from N5 billion in 2022, and total assets grew by 16% to N19 billion during the review period.

Group Managing Director Mayowa Olaniyan emphasized that the Group’s digital solutions, particularly those supporting Pension Fund Administrators (PFAs), significantly boosted revenue.

ChamsSwitch, CardCenter Nigeria Limited, and ChamsMobile Limited all contributed to the Group’s financial performance, with various segments driving revenue growth through strategic partnerships and innovative offerings.

Jibril Aku Inducted as Associate Stockbroker

Jibril Aku, Vice Chairman of FMDQ Group Plc, has been inducted as an Associate Member of the Chartered Institute of Stockbrokers (CIS). During the induction ceremony in Lagos, CIS President Oluropo Dada emphasized the significance of professional integrity and urged Aku to uphold high standards in his new role. Aku chose to take the examination route to active participation in enhancing liquidity in the capital market, aiming to bridge gaps and promote greater integration within the industry.

The ceremony was attended by key figures from the Institute, including 1st Vice President Fiona Ahimie, 2nd Vice President Akeem Oyewale, and Registrar and Chief Executive Josiah Akerewusi.

Charles Akpeji
Charles Akpeji
Charles Akpeji has over 20 years experience in journalism and he is Naija247news Taraba Correspondent. He lives and works from Jalingo, the state capital.

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