Folashodun Shonubi Appointed New Acting CBN Governor

Following the suspension of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, President Bola Tinubu has appointed Mr Folashodun Adebisi Shonubi as the acting governor.

Shonubi served as the Deputy Governor of the CBN since October 2018. He represented the CBN governor on the Federal Inland Revenue Service (FIRS) Board since December 9, 2019.

Shonubi was a highly educated individual, having obtained a Bachelor of Science in Mechanical Engineering from the University of Lagos in 1983.

He further pursued his studies in the same field and obtained a Master of Science in Mechanical Engineering in 1985. He also holds a Masters’ in Business Administration with a specialization in Finance, which he obtained in 1989.

Shonubi has an impressive work history, starting as a Consultant Engineer at Mek-ind Associates from 1984 to 1989. He then moved on to become a Marketing Executive at Inlaks Computers Limited from 1989 to 1990.

From 1990 to 1993, Shonubi worked as Head, Treasury Operations at Citibank Nigeria Limited. He then joined Agusto & Co. Ltd as a Supervising Consultant from 1993 to 1996, before moving to MBC International Limited as Deputy General Manager, Banking Operations and Information Technology in 1999.

In 1999, Shonubi joined First City Monument Bank (FCMB) Limited as Vice-President, Operations and Information Technology, where he remained until 2002. He then moved to Ecobank Nigeria Plc in 2003 as an Executive Director, Operations and Information Technology. In 2007, he became the Director, Information Technology and Corporate Services at Renaissance Securities Nigeria Limited.

The career of the esteemed professional began in 1990 as Head of Treasury Operations at Citibank Nigeria Limited. After three years, he moved to Agusto & Co. Ltd as a Supervising Consultant, where he remained until 1996. In 1999, he joined MBC International Limited as Deputy General Manager, Banking Operations and Information Technology.

It was in 1999 that he joined First City Monument Bank (FCMB) Limited as Vice-President, Operations and Information Technology. He held this position until 2002. Thereafter, he moved to Ecobank Nigeria Plc as an Executive Director, Operations and Information Technology in 2003. In 2007, he became the Director, Information Technology and Corporate Services, Renaissance Securities Nigeria Limited.

In 2009, he was recruited by Union Bank of Nigeria Limited as an Executive Director, Operations, Technology and Services, a position he held from September 2009 to April 2012. From May 2012 to October 2018, he served as the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc. His exemplary leadership qualities and outstanding performance in this role led to his appointment as the CBN deputy governor.

Meanwhile, Emefiele’s suspension as the CBN governor was made public in a statement by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.

The statement said:

“President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.

“This is a sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.”