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Chams Consolidates Business, Focuses on Improving Shareholder Value

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(L-r): Sir Demola Aladekomo, outgoing group managing director, Very Reverend Ayo Richards, chairman of the Board of Directors, Olufemi Williams, newly appointed group managing director, and Luqman Balogun, newly appointed, deputy group managing director, all of Chams Plc at its 31st Annual General Meeting held in Lagos recently.
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Chams Plc, a leading identity management firm, has announced the successful restructuring and consolidation of its operations to focus on the business of identity management.

 

Very Reverend Ayo Richards, chairman of Chams Plc, who disclosed this at the company’s 31st Annual General Meeting (AGM) in Lagos recently, said Chams and its subsidiaries, including ChamsAccess and CardCentre, have further entrenched their relationships with clients as well as local and international trade partners to ensure a sustained growth trajectory and market dominance in identity management.

 

Richards said “In spite of the tough market conditions in the 2014 financial year, we recorded improved performances. Indeed, the last 12 months have been a period of consolidation for us as a Group. We entrenched our business relationships with our clients and restructured our operations by laying more emphasis on our core business.”

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Chams Group posted impressive financial results across key parameters as reflected in its revenue growth of 20 per cent from N3.44bn in 2013 to N4.12bn in the 2014 financial year. Operating profit rose by 22.5 per cent to N392.30m compared with N320.10m in 2013.

 

Profit after tax rose strongly by over 48.7 per cent from N188m in 2013 to N280m in 2014.

 

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Shareholders’ fund also improved by 26.5% per cent from N4.7bn at full year 2013 to N5.9bn in the 2014 financial year.

 

Explaining the strategic thrust of the business in 2014, Richards said, “To consolidate the achievements we have recorded in the last three years and foster our aspiration of dominating the identity management space in Africa, we partnered with a renowned consulting firm to forge a corporate strategy that would serve as a roadmap for the medium term. This has resulted in streamlined organizational structures and processes, offering of higher-margin, value-added services, and the development of innovative products and services to meet market needs. And we are indeed poised to release innovative products that will have major impact in the Identity Management space and make life more secure and convenient for our customers.”

 

At the AGM, shareholders approved payment of dividend of 2 kobo per ordinary share of 50 kobo held translating to N93.921m as proposed by the company.

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Reverend Richards thanked shareholders for their understanding, adding that the board and management of Chams Plc are working assiduously to improve dividend payout. 

 

On his part, Demola Aladekomo, outgoing Group Managing and Chief Executive Officer, Chams Plc, said “Our ability to deliver growth across major financial indicators further attests to our strong market positioning and industry leadership. In the last financial year, we achieved some major milestones on our existing projects and also fostered numerous new business partnerships. This year, our objectives are based on a ‘PMR’ model, citing focus on people, increase in market share and improving return to shareholders.

 

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The 31st AGM also heralded a major leadership change in the company with Mr. Demola Aladekomo, founding group managing pirector, proceeding on terminal leave ahead of his retirement in September.

 

Aladekomo handed over to Olufemi Williams who takes over as the Group Managing Director and Chief Executive Officer in alignment with the board of directors’ ratified succession planning which emphasizes promoting capable internal candidates to leadership positions.

 

Until the announcement of Aladekomo’s retirement, Williams was the Deputy Managing Director, and a Chams Plc veteran having joined the company in 1990 as a Computer Engineer.

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He rose to the position of General Manager in January 2001, and held same until he joined SuperCard Limited as Managing Director in March 2004. Olufemi was appointed Deputy Managing Director, Chams Plc in January 2012 after the merger of SuperCard Limited with Chams Plc.

 

Luqman Balogun, managing director of CardCentre Nigeria Limited, a subsidiary of Chams Plc, has been named the Deputy Managing Director.

 

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Prior to joining CardCentre in June 2013 as MD/CEO, Balogun spent 22 years in the banking sector in a career spanning retail and commercial banking, banking operations and Information Technology, credit and relationship management, cards and electronic banking, and project management.

 

 

 

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Kaspersky Identifies Cyberespionage as a Growing Threat Across Africa, Others

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At the recent Cyber Security Weekend – META event, Kaspersky’s Global Research and Analysis Team (GReAT) experts presented the latest findings on the cyberespionage threat landscape across the Middle East, Turkiye, and Africa (META) region.

While most cyberthreat categories declined over the past year, cyberespionage continued to intensify in the region. Thus, throughout the past year, spyware attacks increased by 40% in Africa, while password stealer attacks grew by 31% in Africa.

The cyberespionage landscape across the META region continues to be driven by geopolitical tensions, regional conflicts and ideological motivations. As intelligence gathering becomes increasingly important for both Advanced Persistent Threat (APT) actors and cybercriminals, organisations and individuals alike are facing a growing number of attacks designed to steal sensitive information and establish long-term access to compromised systems.

If we specifically look at cyberthreats aimed at businesses, organisations in Africa experienced a sharp increase in espionage-related threats over the past year. Spyware detections rose by 16% in Africa, password stealer attacks by 51%, and backdoor detections by 23%.

These types of malware are commonly used to infiltrate corporate environments, steal confidential information, establish persistent access, and facilitate subsequent stages of targeted attacks.

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As geopolitics remains a key driver for APT attacks, such actors remain among the most significant cyber risks in the region for businesses and governmental entities.

To maximise persistence and evade detection, they continuously refine their toolsets, deploying increasingly sophisticated malware capable of maintaining long-term access to compromised systems while collecting valuable intelligence.

In 2026, Kaspersky GReAT is tracking more than 20 APT groups actively targeting organisations across the META region.

Recent research by Kaspersky GReAT found the MuddyWater APT group targeting organisations across the Middle East during the Gulf conflict using previously unseen malware chains.

The campaign employed custom loaders, injectors, previously unknown remote access trojans (RATs), credential stealers, and a modular data exfiltration framework, highlighting the group’s rapid development of new tools to steal sensitive information and evade detection.

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The increase in espionage activity is not limited to organisations. Individuals are also increasingly targeted. Over the past year, attacks involving password stealers increased by 32% in Africa. The stolen information can subsequently be used to hijack accounts, conduct follow-on attacks, extort victims, or sold to third parties on underground marketplaces.

Another rapidly growing trend is mobile cyberespionage. As smartphones increasingly store personal communications, corporate information, authentication credentials, and financial data, they have become high-value targets for attackers.

“Smartphones have become one of the most valuable sources of intelligence for cyberespionage actors. While Android devices continue to be widely targeted by mobile spyware, we are also observing an increasing number of reports of sophisticated campaigns targeting iOS, as demonstrated by Operation Triangulation and, more recently, Coruna attacks.

“These findings show that advanced mobile threats continue to evolve across both major platforms, making mobile security an essential part of cyber resilience for both organisations and individuals,” said Dmitry Galov, Head of Global Research and Analysis Team, Russia and CIS, at Kaspersky.

As cyberespionage threats continue to evolve, Kaspersky recommends that organisations adopt a layered cybersecurity approach, combining continuous vulnerability management, timely patching, employee awareness training, threat intelligence, and advanced security solutions such as Kaspersky Next, which help detect sophisticated targeted attacks and protect organisations from long-term compromise.

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82% of Organizations Concerned about AI Risks Even as Adoption Accelerates – Survey Reveals

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At its recent Cyber Security Weekend for the Middle East, Turkiye and Africa (META) region Kaspersky shared the results of a global study conducted by its internal research center which surveyed 1,800 IT and cybersecurity decision-makers and specialists from organisations across 18 countries and multiple industries.

The report shows that the pace of AI integration across organisations is rapid, despite associated risks. The company’s experts stressed that while AI adoption delivers clear efficiency gains, it must be accompanied by robust cybersecurity solutions, well-defined internal procedures, and comprehensive employee education programmes.

The report highlights a clear organisational preference for AI-enhanced technology: 68% of respondents said they would recommend a solution with AI features built in, while a mere 5% indicated they would prefer to avoid AI-enabled tools. This overwhelming endorsement underscores how deeply AI has embedded itself as a value driver across the modern enterprise.

AI has become a mainstream productivity tool spanning many business functions. The global survey findings confirm that employees across departments are already relying on AI tools for a wide range of everyday tasks, including: data analysis & visualisation (54%), project management (49%), search for information (47%), department-specific tasks (46%), text generation and editing (41%).

While organisations recognise the tangible benefits AI tools bring – including improved process efficiency and enhanced quality of deliverables – they also see the associated dangers. 82% of respondents voiced concerns about the risks AI poses to their organisation. These concerns are grounded in real-world experience.

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Among the 87% of organisations worldwide that faced a cyber incident in the past year, 13% reported that they had experienced threats stemming specifically from AI-related vulnerabilities.

Notably, 74% of respondents believe that these risks can be effectively mitigated through employees’ responsible behaviour — pointing to the critical importance of security awareness and training in the AI era.

“The speed at which organisations are embracing AI is remarkable, but it must be matched with an equally strong commitment to security. We are already seeing a growing range of threats directly tied to AI adoption – whether it’s malware camouflaged as popular AI tools, vulnerabilities introduced through unsecure vibecoding, or leaked access credentials to corporate AI platforms and malicious skills by AI agents.

Managing these risks requires a holistic approach: the right technology, well-defined procedures, and a security-aware workforce,” comments Brandon Muller, senior security consultant for the META region at Kaspersky.

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How Temu Helped a Madagascan Vanilla Family Business Sell Direct to Consumers Across Europe

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Malagasy Vanilla has transformed its decades-old wholesale business by embracing direct-to-consumer sales through Temu, enabling the family-run company to reach customers in 14 European markets while significantly reducing logistics costs.

How Temu Helped a Madagascan Vanilla Family Business Sell Direct to Consumers Across Europe

For years, premium Madagascan vanilla supplier Malagasy Vanilla sold exclusively to restaurants, bakeries and wholesalers because the cost of shipping a single pack to individual customers often equalled the value of the product itself. That changed after the company joined Temu’s Local Seller Program in November 2025.

The Belgian-based business, which sources high-quality vanilla from Madagascar, has leveraged Temu’s logistics network to cut domestic shipping costs by nearly half through a partnership with Belgian postal operator Bnode. The move has enabled the company to enter the retail market for the first time and quadruple its sales within four months.

According to Belinda Rabenandrasana, co-Chief Executive Officer of Malagasy Vanilla, Temu has opened up an entirely new customer segment for the company.

“Temu opened a new avenue for us,” she said. “We were finally able to explore selling to individuals.”

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The platform now contributes between five and 10 per cent of the company’s overall revenue.

Expansion into 14 European Markets

Malagasy Vanilla is among businesses participating in Temu’s Local Seller Program, launched in Europe in 2024 to help local merchants expand beyond their domestic markets.

Through partnerships with more than 150 logistics providers across Europe—including Bnode in Belgium, La Poste in France and DHL Group in Germany—Temu offers sellers access to affordable shipping and delivery infrastructure without requiring major investment in logistics.

After successfully establishing direct-to-consumer sales in Belgium, Malagasy Vanilla expanded into 14 European countries, including Germany, France, Spain and Poland.

Rabenandrasana said the logistics support, competitive shipping rates and seller assistance provided by Temu made the expansion possible.

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“Without Temu and its partnership with Bnode, it would have been very difficult for a small business like ours to start selling directly to consumers,” she said.

She added that Temu also assists sellers in managing regulatory requirements such as the European Union’s Extended Producer Responsibility (EPR) compliance, making cross-border operations easier for small businesses.

Three Generations of Vanilla Expertise

Malagasy Vanilla traces its roots to three generations of the Rabenandrasana family in Madagascar’s vanilla industry.

Belinda’s grandfather began trading vanilla locally, while her father expanded operations across Madagascar. She launched the company’s international business in 2017, supplying premium Madagascan vanilla to European restaurants, pastry shops and food wholesalers before establishing operations in Belgium in 2023.

The company partners with growers and producer associations in Madagascar, where between 20 and 40 workers oversee the six- to 10-month curing process that transforms green vanilla pods into premium black vanilla.

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Operations in Belgium focus on packaging, quality assurance and distribution.

Customer Reviews Drive Growth

Under its Lavani brand, Malagasy Vanilla sells gourmet-grade whole vanilla pods targeted at both professional chefs and home baking enthusiasts.

Rather than relying heavily on paid advertising, the company has benefited from Temu’s product discovery tools and customer reviews, helping the niche brand gain visibility organically.

According to Rabenandrasana, strong customer feedback has played a significant role in increasing traffic and boosting sales.

The brand currently maintains a customer review rating exceeding 99 per cent on the platform.

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Future Plans

Looking ahead, Malagasy Vanilla plans to expand its European footprint further by establishing a warehouse in France and increasing sales across the continent.

The company is also developing new products, including vanilla extract and vanilla sugar, while planning to open a physical retail and production facility in Belgium later this year.

In addition, it intends to launch a social-impact initiative aimed at supporting vanilla-growing communities in Madagascar.

Reflecting on the company’s evolution, Rabenandrasana said the business continues to build on her family’s legacy.

“My grandfather worked locally, my father expanded nationally, and now we are building internationally,” she said.

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