Shonubi takes over as acting CBN Governor
Deputy Governor, Operations, Mr. Folashodun Adebisi Shonubi will now act as Central Bank of Nigeria (CBN) Governor pending the conclusion of investigation and reforms instituted by President Bola Tinubu.
Ex-CBN Gpvernor, Mr Godwin Emefiele was suspended from office by President Tinubu, Friday evening, in a move said to be connected with ‘ongoing investigation of his office and the planned reforms in the financial sector of the economy.’
Mr Emefiele was also directed to ‘immediately’ hand over affairs of his office to the Deputy Governor (Operations Directorate), ‘who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.’
The office of Deputy Governor, Operations is occupied by Mr. Folashodun Adebisi Shonubi, as he has now been directed to take over as CBN Governor but in an acting capacity.
Only recently, Mr Godwin Emefiele was conferred with the Commander of Order of Federal Republic (CFR) national award by immediate past president, Muhammadu Buhari.
In the final days of Buhari’s administration, Emefiele has been embroiled in controversies ranging from his political ambitions, as well as his controversial naira design policy which had threatened to mar the 2023 general Elections in the country.
The new acting CBN Gov, Shonubi is a graduate of University of Lagos where he obtained a Bachelor of Science degree in Mechanical Engineering. He further obtained a Master of Science in Mechanical Engineering in 1985 with bias in Production Engineering from the same University. He shifted grounds to Finance and obtained a Masters’ in Business Administration specializing in Finance.
He began his working experience as a Consultant Engineer at Mekind Associates and worked from 1984 to 1989. From 1989 to 1990, he was a Marketing Executive at Inlaks Computers Limited.
He moved to Citibank Nigeria Limited as Head, Treasury Operations from 1990 to 1993. He joined Agusto & Co. Ltd as a Supervising Consultant from 1993 to 1996 from where he moved to MBC International Limited as Deputy General Manager, Banking Operations & Information Technology from 1999. In 1999, he joined First City Monument Bank (FCMB) Limited as Vice-President, Operations & Information Technology and was there till 2002.
In 2003, he moved from FCMB to Ecobank Nigeria Plc as an Executive Director, Operations & Information Technology and in 2007 he became the Director, Information Technology and Corporate Services, Renaissance Securities Nigeria Limited. He was recruited by Union Bank of Nigeria Limited as an Executive Director, Operations, Technology and Services, September 2009 to April 2012.
He became the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018. October 2018 to date, Mr. Folashodun is the Deputy Governor, Operations of the Central Bank of Nigeria (CBN) representing the Governor of the Central Bank of Nigeria on the Board of FIRS since the 9th of December, 2019.
