Following the recent suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria, Folashodun Adebisi Shonubi, who served as the Deputy in charge of the Operations Directorate, has been appointed to act in his position temporarily.
The decision to suspend Governor Emefiele was made by President Bola Tinubu and was announced through a statement issued by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation.
The suspension is a result of an ongoing investigation and a planned financial sector reform. As per the law, one of the deputy governors must complete Emefiele’s tenure, which is set to expire in May 2024.
While the central bank has four deputy governors, Shonubi was chosen over Aishah Ahmed, Edward Adamu, and Kingsley Obiora for the acting governor role.
Shonubi, who assumed the position of Operations Directorate on October 17, 2018, was born on March 7, 1962, and obtained his education at the University of Lagos. He earned a BSc in mechanical engineering from 1978 to 1983, followed by an MSc in the same field.
After working as a consultant engineer at Mek-ind Associates from 1984 to 1989, he transitioned to the field of finance and completed an MBA program.
Shonubi ventured into the IT industry, which greatly influenced his career. He held positions such as a marketing executive at Inlaks Computers Ltd from 1989 to 1990 and head of treasury operations at Citibank Nigeria Ltd in 1990.
Throughout his career, he held various roles, including supervising consultant at Agusto & Co. Ltd and deputy general manager of banking operations and IT at MBC International Ltd. He also served as vice president of operations and information technology at First City Monument Bank (FCMB) Ltd and executive director of operations and information technology at Ecobank Nigeria Plc.
Shonubi’s experience also extends to serving as director of information technology and corporate services at Renaissance Securities Nigeria Ltd, as well as executive director of operations, technology, and services at Union Bank of Nigeria Ltd from 2009 to 2012.
Before his appointment to the CBN in October 2018 by President Muhammadu Buhari, he held the position of Managing Director and CEO of the Nigeria Inter-Bank Settlement System (NIBSS).
With the absence of a new CBN governor or the unlikely recall of Emefiele, who was suspended by Tinubu on Friday night, Shonubi currently holds the crucial role of leading the monetary affairs of Africa’s largest economy.
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