The company's ambition to become chartered in 1886 was strongly opposed by local missionaries, and it was deemed incapable of administering the area around Lake Nyasa by the British government. However, as the government was unwilling at that time to assume responsibility for that area, and also considered a solution by which the British South Africa Company would invest in the African Lakes Company might cause difficulties with the Portuguese or German governments, both of which had interests in the area. In 1891, the British government proclaimed a protectorate, the "Nyasaland Districts Protectorate", over areas to the west and south of Lake Nyasa, and was willing for the British South Africa Company to contribute to the cost of its administration. That company agreed to subscribe £5,000 for new African Lakes Company shares, and pay the company a £2,500 annual subsidy. Once the British South African Company acquired control of the company, it lost its former connection with the Free Church of Scotland and, whatever had been its aim before, it became part of an exploitative operations of its parent company Although the British South Africa Company had 97.5% control from 1891, the African Lakes Company's directors resisted their company being placed into liquidation until 1893, when the business of The African Lakes Company Limited was transferred to The African Lakes Trading Corporation Limited, a company registered in Scotland, which re-registered as a public limited company named The African Lakes Corporation plc in 1982.