Former Wema Bank CEO Oloketuyi appointed Chairman of Chams Holding as Founder retires

Chams Holding Company Plc has appointed former Wema Bank CEO Mr. Segun Oloketuyi as Chairman of its Board of Directors following the retirement of the company’s founder, Sir Demola Aladekomo, after four decades of leadership.

The appointment was disclosed in a notice to the Nigerian Exchange Limited (NGX) and the investing public, jointly signed by Company Secretary, Oluwaseun Osuji, and Group Managing Director/Chief Executive Officer, Mayowa Olaniyan.

According to the company, the appointment was approved by the Board in line with its corporate governance framework and applicable regulatory requirements.

What they are saying

The company said Oloketuyi’s appointment will take effect from July 9, 2026.

• “Chams Holding Company Plc hereby notifies the Nigerian Exchange Limited (NGX) and the investing public that the Company has appointed Mr. Segun Oloketuyi as the Chairman of the Board of Directors of the Company, effective July 9, 2026.
• “The Board of Directors approved the appointment in line with the Company’s governance processes and applicable regulatory requirements,” the statement noted.

Oloketuyi succeeds Sir Demola Aladekomo, whose 40-year leadership journey at Chams came to an end following his retirement.

The Board expressed appreciation to the outgoing chairman for his contributions to the growth and transformation of the company, describing his tenure as one marked by visionary leadership and dedicated service.

Get up to speed

Aladekomo founded Chams and served as Group Managing Director for 30 years before transitioning to the Board, where he provided strategic direction for another decade, including serving as Chairman.

• Under his leadership, Chams evolved from a single technology business into a diversified technology group with interests spanning identity management, payment infrastructure, card manufacturing, pension remittance services, and digital innovation.
• Several subsidiaries emerged during this period, including ChamsAccess, CardCentre Nigeria Limited, ChamsSwitch, and ChamsMobile.

One of the company’s most notable achievements under Aladekomo’s leadership was its role in the implementation of Nigeria’s Bank Verification Number (BVN) system, which has become a critical component of the country’s banking infrastructure and financial inclusion framework.

More insights

Prior to his appointment, Oloketuyi served as a Non-Executive Director on the Board of Chams Holding, where he contributed to the company’s governance and strategic direction.

• He is widely regarded as a seasoned banking executive with extensive experience in corporate finance, enterprise risk management, banking operations, and corporate governance.
• Oloketuyi previously served as Managing Director and Chief Executive Officer of Wema Bank Plc, where he oversaw a significant transformation and growth phase for the bank.
• Before joining Wema Bank, he held senior leadership positions at Skye Bank Plc, serving as General Manager of the Business Optimization Division and later as Executive Director for Business Development.
• He also worked at Polaris Bank, where he served as Deputy General Manager for Corporate and Commercial Markets before becoming Executive Director for Finance and Enterprise Risk Management.

His career also includes a stint as Managing Director of Bond Bank Limited and an early professional background in auditing with Deloitte & Touche.

Oloketuyi is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a member of the Institute of Directors.

He previously served as Chairman of Great Nigeria Insurance Plc and currently chairs Japaul Gold and Ventures Plc and Greenwich Merchant Bank.

What you should know

The leadership transition comes less than a year after Chams strengthened its capital base through a private placement.

• In November 2025, the company listed an additional 1.96 billion ordinary shares on the Nigerian Exchange following a private placement that raised approximately N3.7 billion through the issuance of shares at N1.87 per share.
• The exercise increased Chams Holding’s total issued and fully paid-up shares from 4.70 billion to 6.65 billion shares and boosted its market capitalisation to about N21 billion.

The company said the additional capital would support investments in digital infrastructure, identity verification technologies, and expansion initiatives across its subsidiaries as it pursues its next phase of growth under new board leadership.