Meet Folashodun Shonubi, New Acting CBN Governor

With Friday night’s suspension of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, President Bola Tinubu has tasked the Deputy Governor, Operations Directorate, Mr. Folashodun Adebisi Shonubi, with leading the country’s apex financial institution in an acting capacity.

Having served in the deputy governor role since October 2018, according to the website of the Federal Inland Revenue Service (FIRS), Shonubi has represented the CBN governor on the FIRS Board since December 9, 2019.

Born on March 7, 1962, he attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering. He further obtained a Master of Science in Mechanical Engineering in 1985 with particular interest in Production Engineering from the same university. 

From 1988 to 1989, he began his study in Finance and obtained a Masters’ in Business Administration specialising in Finance.

Shonubi began his working experience as a Consultant Engineer at Mek-ind 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 and Information Technology from 1999. 

In 1999, he joined First City Monument Bank (FCMB) Limited as Vice-President, Operations and Information Technology and was there till 2002.

In 2003, he moved from FCMB to Ecobank Nigeria Plc as an Executive Director, Operations and 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, from September 2009 to April 2012. 

He then became the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018, after which he became CBN deputy governor.

Background

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.

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

“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.”