Following the immediate suspension of Godwin Emefiele, the governor of the Central Bank of Nigeria, his Deputy (Operations Directorate) Folashodun Adebisi Shonubi, has been announced to act in his capacity.
On Friday, the President of Nigeria, Bola Tinubu, suspended Emefiele, according to a statement issued by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.
Bassey explained that the suspension of the CBN governor is based on an ongoing investigation as well as because of a planned reform of the financial sector.
Shonubi trumped the other 3 deputy governor’s, Aishah Ahmed, Edward Adamu, and Kingsley Obiora, and,
by law, is expected complete Emefiele’s tenure, which expires May 2024.
Shonubi assumed the position of Operations Directorate at the Central Bank of Nigeria on October 17, 2018. Born on March 7, 1962, he is a product of the University of Lagos.
He attended the university from 1978 to 1983, receiving a BSc in mechanical engineering before studying for an MSc in the same field at the same university.
In 1989, he changed his line of education and profession by studying for an MBA with focus on finance. He then moved into the IT industry which would later shape his career.
Shonubi was marketing executive at the Inlaks Computers Ltd from 1989 to 1990. He was appointed head of treasury operations at Citibank Nigeria Ltd in 1990.
In 1993, he moved to Agusto & Co. Ltd as a supervising consultant, working there for three years before joining MBC International Ltd as deputy general manager, banking operations and IT.
In 1999, he became the vice-president, operations and information technology at the First City Monument Bank (FCMB) Ltd.
He left FCMB in 2003 for Ecobank Nigeria Plc, where he became executive director, operations and information technology.
Shonubi was also director, information technology and corporate services at Renaissance Securities Nigeria Ltd as well as executive director, operations, technology and services at Union Bank of Nigeria Ltd from 2009 to 2012.
Before he was appointed into CBN in October 2018 by President Muhammadu Buhari, he was MD/CEO of the Nigeria Inter-Bank Settlement System (NIBSS).
