Chams Founder Demola Aladekomo Retires After 40 Years of Driving Nigeria’s Digital Identity and Payments Innovation

Chams Holding Company Plc has announced the retirement of its founder, Sir (Dr.) Demola Aladekomo, from its Board of Directors, effective July 9, 2026, bringing to a close four decades of leadership that helped shape Nigeria’s digital identity and payments ecosystem.

Aladekomo founded Chams with a vision to build indigenous, world-class technology solutions for Nigeria and Africa at a time when the country relied heavily on imported technology systems.

He served as Group Managing Director for 30 years before transitioning to the Board, where he provided strategic leadership for another decade, including serving as Chairman.

Building a Nigerian Technology Pioneer

Under Aladekomo’s leadership, Chams evolved from a single technology company into a diversified group with interests spanning identity management, payment infrastructure, card manufacturing, pension remittance services and digital innovation.

The company expanded through subsidiaries including ChamsAccess, CardCentre Nigeria Limited, ChamsSwitch and ChamsMobile, strengthening its footprint across Nigeria’s digital services landscape.

One of Chams’ most significant contributions during his tenure was its role in implementing the Bank Verification Number (BVN) system, which has become a cornerstone of Nigeria’s banking infrastructure and financial inclusion efforts.

Following his departure from executive management, Aladekomo remained on the Board, guiding the company through a period of transformation while helping strengthen its governance and long-term growth strategy.

Leadership Transition

Commenting on the transition, Group Managing Director and Chief Executive Officer, Mayowa Olaniyan, described Aladekomo as the architect of the company’s success.

“Sir Demola’s vision, courage, and unwavering belief in indigenous technology laid the foundation for everything Chams has become today,” Olaniyan said. “For thirty years, he led the Company with distinction, and for the last decade, he continued to guide us with wisdom and foresight as a Board member and Chairman.”

The company said the leadership transition forms part of a planned succession process, with Segun Oloketuyi set to assume the role of Board Chairman to ensure continuity in governance.

Company Enters New Growth Phase

Aladekomo’s retirement comes as Chams enters a new phase of expansion.

In 2025, the company raised more than ₦7.5 billion through a Rights Issue and Private Placement, nearly doubling its equity base in its largest capital raise since listing on the Nigerian Exchange in 2008.

Despite recording a 19 per cent increase in group revenue to ₦17.65 billion in 2025, rising operating costs compressed gross margins from 29 per cent to 21 per cent. Profit before tax declined during the year, while finance costs more than doubled to ₦896 million as the company increased borrowing to support expansion.

However, first-quarter 2026 results pointed to improving operational performance.

Chams reported a profit after tax of ₦429.4 million on revenue of ₦4.2 billion, compared with ₦148.9 million in profit during the corresponding period of 2025. Gross profit increased by 71 per cent as cost management improved, despite revenue growing by a modest 8.5 per cent.

The company continues to generate a significant portion of its revenue from card manufacturing and biometric hardware, while recurring fintech services such as payment gateway operations, BVN maintenance and pension verification remain relatively smaller contributors.

A Lasting Legacy

As Chams begins a new chapter under fresh board leadership, the company says it remains committed to the principles of innovation and indigenous technology development that defined Aladekomo’s four decades of service.

His legacy extends beyond the company itself, having played a pivotal role in developing critical digital infrastructure that underpins identity verification, banking and financial services used daily by millions of Nigerians.