Economic Confidential

President Goodluck Jonathan recently approved constitution of boards of directors for the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Authority (NIMASA), and the Corporate Affairs Commission (CAC).

A multimillionaire oil magnate and business mogul, Otunba Funso Lawal was announced as the Chairman of Corporate Affairs Commission in a statement signed by the Secretary to the Government of the Federation, Senator Anyim Pius Anyim.

Though the amiable businessman is closely connected to stalwarts of the ruling Peoples Democratic Party (PDP), he has remained focused in running his expansive business interests spanning oil and gas, financial services and real estate.

A Director of Transnational Corporation of Nigeria Plc (Transcorp), owners of Transcorp Hilton Hotel in Abuja and Calabar, he is a professional engineer by training and entrepreneur by experience.

Otunba Funso Lawal, a recipient of the national honours award of Order of the Niger (OON), he holds a B.Sc and M.Sc high honors degrees in Mining Engineering from the University of Wisconsin-Madison USA in 1977 and 1979 respectively. He joined CitiBank Nigeria in 1985, where he rose to the position of Assistant Vice President before joining Oceanic International Bank as a pioneer staff.

After his experience in the banking sector, Lawal ventured into private business in full force. He has over the years made valuable inputs to government policy on agriculture, oil, gas, manufacturing, solid minerals and tourism matters. He serves as the Chairman of the Corporate Forum and Sogenal Ltd. He also served as a director of NUB International Bank Limited.

Since branching out on his own, CAC’s new Chairman has brought his vast experience gathered inn the banking sector to bear in his business concerns, especially in the oil and gas sector where he is a major player.

He is the executive chairman of Sogenal Oil & Gas Company, an indigenous oil exploration and production company, which has been successful in pioneering indigenous technology in the offshore terrain.

Otunba Funso Lawal is also a prominent member of the Nigerian Economic Summit Group (NESG) and sits on the boards of Prime Trust Insurance, Rosenthal Trust Limited and Brian Information Technology Company. He also serves as the Chief Executive Officer of Charterhouse Group.

As the Chairman of the Corporate Affairs Commission (CAC), Otunba Lawal will be leading other experienced board members to further improve the already robust service delivery experience of the Commission.

Other members of the CAC include Alh. Sanusi Maijama’a representing Nigeria Chamber of Commerce, Industries Mines and Agriculture (NACCIMA); Mr. Okoro Osita Franklin, representing Nigeria Bar Association (NBA), Chief Mrs. Elizabeth Omereson, representing Institute of Chartered Accountants of Nigeria (ICAN), Dr. Ausbeth N. Ajagu, MFR, representing Manufacturers Association of Nigeria (MAN), Edosa Aigbekeen, representing Securities and Exchange Commission (SEC), N. Salma-Mann, representing Federal Ministry of Trade & Investment; Prof. Adedeji Adekunle, representing Federal Ministry of Justice and a yet to be named officer representing Federal Ministry of Finance. The Registrar-General who is the Chief Executive officer of the Commission, Barrister Mahmud Bello, is the Secretary of the board and in charge of its day-to-day management.

The functions of the Commission as set out in section 7 of the Companies and Allied Matters Act includes the regulation and supervision of the formation, incorporation, management and winding up of companies. It is mandated to establish and maintain companies registry and offices in all the states of the federation suitably and adequately equipped to discharge its functions under the Act or any law in respect of which it is charged with responsibility and to arrange and conduct investigation into the affairs of any company where the interests of the shareholders and the public so demand.