Registration of Business Name in Nigeria Takes Far Too Long -Christson | Independent Newspapers Limited
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CEO Interview

Registration of Business Name in Nigeria Takes Far Too Long -Christson

Posted: Mar 29, 2016 at 2:45 am   /   by   /   comments (0)


Dr Wilson Christson, is founder and chairman of US based King Solomon Capital Empire, which has presently expanded to Canada, Singapore, Dubai, Malaysia and now in Africa, particularly in Nigeria. In this interview with Ikechi Nzeako and Nkasiobi Oluikpe, he explains that Nigeria holds a lot of prospect for businesses, but that things had to be done rightly. Excerpts:

What were the objectives of establishing the company?

The objective of the company is to be able to fund projects; we are global project funders. We fund projects and businesses that comply with our procedures.

What is the difference between the way you fund projects and the banks?

We are collateral-based funders; collateral-based funding in this case means we are financial instruments forming company. There is no project in the world that will not require a financial instrument like bank guarantee or stand-by letter of credit, which is out of the norm of the regular banks and local banks.

The local banks have limitations because they rely on deposits, but when you provide us a financial instrument we can leverage that financial instrument to generate the needed capital to fund any amount of project anywhere in the world. We have a financial trading platform that enables us to generate the needed cash flow for any project. Besides we have two other platforms outside of the financial trading platform that enable us to be able to generate funds to fund project and businesses, whether small, medium or large-scale project in any part of the world.

Our focus now is Africa, particularly Nigeria. We want to make a difference and change the dynamics of things and people can have hope outside of their reliance on local banks.

Why the focus on Nigeria, which is passing through a difficult economic period?

We are in Nigeria because the local banks do not have enough cash flow to fund the redundant projects that are scattered all over the country and other parts of Africa.

There are beautiful projects in the country but the available banks in the country, even if you amalgamate all the capital that they all have to fund projects, they may not be able to satisfy the cash flow requirements of the projects in Nigeria, not to talk about other parts of Africa.

This is because they do not have the know-how; they do not have financial engineering know-how to leverage on financial instrument to generate funds for any project in any part of the world; that is the distinction.

Tell us about the seminar you are planning to do in Lagos on May 9?

The purpose of the seminar is to bring awareness to business owners and project promoters of alternative funding solutions outside of the local banks.

Second as persons of Nigerian descent, we have seen the economy and know that things are going down the drain, there is a need for some company to rise up and stand in the gap to make a difference; hence, the decision to bring to the surface diverse business opportunities within Nigeria and Africa and the rest of the world to the awareness of those who might be willing to take advantage of these opportunities and run with it.

In essence, we are conducting the seminar to increase business and investment opportunities in Nigeria and the whole of Africa. And also provide an alternative funding solution outside of the local banks.

Do you take part in the running of the business or you just fund?

Our aim is to see to the success of any project that we fund. Where we visualize that some things are lacking in terms of management, we could come up with our own management team to assist in running that company. But that will be premised on the mutual agreement between us the funders and the client, who is the recipient of our money. But we cannot be putting money into a business without being so sure that that business is going to be successful.

Our aim is to ensure that that business that we are putting a penny in, is going to be successful, otherwise, we are not going to be a part of it.

We have all the expertise, I have been in business for over 40 years and I know what it takes to run a company.

So bringing my expertise in business administration and project funding, I think we can be able to assist anyone. That is why we ask participants in our seminars to bring along business friends to have a one-on-one interaction with us, so that we can be able to know how we can assist them.

If an SME operator comes to you with some challenges of funds and sales, what ideas can you give to him?

In any business that King Solomon Capital Empire will be funding, we have to look into a lot of things. One of the critical points that we are going to look into is the composition of the management of the company.

We will also try to find out if the company is using the knowledge of technology to run the business; or whether applying manual labour which is so intensive, we will also find out and see how we can assist and introduce modern technology. Or if it is a management thing that is lacking, we will bring our own management, in agreement with the owner of the business, either to educate or be part of the management team.

What kind of people are you expecting at the seminar?

I am wishing all the Nigerian bankers will be there, because I have gone all across the country, back and forth, Lagos to Abuja, even as far as Aso Rock when President Goodluck Jonathan was there.

I had met those who called themselves accountants, bankers, but who seem to be very clueless about funding. There is a need for them to understand the significance of leveraging financial instruments to generate funds for their clients in order to be able to address the cash flow problem that has disabled visionaries in Nigeria and other parts of Africa due to lack of money. If they can understand how to leverage financial instrument to generate money, they wouldn’t be relying so much more on the deposits of their customers.

We expect accountants, bankers or anyone who has a project and needs cash flow to fund it. Or a visionary startup entrepreneur who has a bright idea but lacks the necessary cash flow to move that idea from level A to level B.

We want them to come in so that we will be able to properly advice them, and any new venture that we see that is viable, we will fund it. We could have equity ownership because the money is not like a free money, it comes with interest rate.

I think we are providing the lowest interest rate in the world. When it comes to funding a project it is between 1.5 to 2.5 per cent, when it comes to businesses it does not exceed 5 per cent.

So, we are not here to strangulate people financially but to work with them and simplify funding process for them, so that they can be able to have a greater light at the end of the tunnel

Having been in Nigeria for quite some time, what is your assessment of the Nigerian business environment?

That’s a big one. You know there is a great prospect in Nigeria.

To be honest, Nigeria provides the highest returns on investment than any other country in the world, but things had to be done rightly, from registration of that business to the absolute setting up of that company, things had to be a little simplified. What I came to realise is that it takes like three weeks or two months to have a certificate of incorporation of a business. That is far too long. It is should not take more than one hour, you apply technology.

In America you go to business registration office, the machine technology is there. You just put in your corporate name, it searches through if nobody has owned that name. You just go to the counter and they give you the certificate.

All the time it take to register a company here, a lot of things could have been done. But there is a great prospect in the Nigerian economy and the right policies also had to be enacted to allow investors to be able to come in, so that they will be able to repatriate their money back.