Mainstreet Registrars Fully Divests, Rebrands to Carnation Registrars

Nume Ekeghe

Mainstreet Registrars has changed its name to Carnation Registrars, in its bid to accelerate growth and become a leading player in it’s space.

The unveiling of the new identity and logo was well attended by stakeholders from the capital market, customers, SEC and the banking sector took place at the company head office in Lagos on Tuesday.

Speaking at the unveiling of the new identity and Logo, the Managing Director/Chief Executive Officer, Carnation Registrars, Mr. Oluwadare Akingbola, said his firm with this new identity was targeting to be one of the top registrars in Nigeria through the use of innovation and technology.

Speaking on the name change, Akingbola said: “The decision to change the name is part of the guideline to be fulfilled in a divestment process. In 2014 there was a guideline from the Central bank of Nigeria that all banks should divest from non-core banking activities.

“Skye bought Mainstreet bank in 2016 and towards the end of 2016 Skye bank offered to sell the Mainstreet bank registrars which is this company we have now changed to Carnation Registrars limited. It was done through a transparent bid in which we participated and we won.”

On what to expect from the company, he said, “We hope that between now and the next 12 months, we would have been able to turn things around in form of balance sheet capacity in order to grow our client base database.
“In the past, Afribank used to be amongst the best registrars in the country and we want to get back to that level and we know it is something we can achieve.”

Furthermore, he added, “So many lines of businesses we could not do before when we were a subsidiary of a bank, we now have a new board of directors that can really drive the business and so many businesses and business ideas would come up in the future which would boost the performance and the returns the company would give to its stakeholders.”

He further said they plan to make business as seamless and more innovative to fit their customers and client’s needs.

“Part of the innovation we are trying to cairn is to be a one stop registrar company whereby any services our shareholders require can be achieved without necessarily coming to us physically at a very reasonable fee. So, for us technology is very key and we are working towards that.”