Shonubi: Meet the mechanical engineer who took over from Emefiele at CBN

Folashodun Adebisi Shonubi has been announced as the acting governor of the Central Bank of Nigeria (CBN) following the immediate suspension of Godwin Emefiele on the night of Friday, June 10, 2023.

In a not-so-shocking development, President Bola Tinubu dropped the axe on Emefiele who had caught the figure of a public enemy number one due to a series of controversial monetary policies throughout his reign.

His suspension was conveyed in a statement issued by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.

Bassey explained that the embattled top banker was suspended as the CBN governor because of an ongoing investigation as well as a planned reform of the financial sector.

Shonubi steps in for Emefiele

Meanwhile, the statement also disclosed that Emefiele was asked to hand over to his Deputy (Operations Directorate), Shonubi, who will steer the affairs of the apex bank in an acting capacity in the meantime.

Meet the new acting CBN governor

Born on March 7, 1962, the new acting CBN governor assumed the position of Operations Directorate on October 17, 2018.

Shonubi comes to the job with a double Master’s Degree respectively in Business Administration and Mechanical Engineering, from the University of Lagos (Unilag) and has been in the banking sector for over 30 years.

His banking career took off at Citibank Nigeria Limited where he functioned as the Head, Treasury Operations between 1990-1993. Three years later, Shonubi joined MBC International Ltd as Deputy General Manager, Banking Operations and IT.

At the nation's return to democracy in 1999, Shonubi took up the position of Vice-President, Operations and Information Technology at the First City Monument Bank (FCMB), before moving to Ecobank Nigeria Plc, where he served as Executive Director, Operations and Information Technology.

He had a three-year stint with Union Bank of Nigeria Plc between 2009 and 2012, working as the Executive Director, Information Technology and Operations and a member of the Board of Union Homes.

Shonubi later joined Renaissance Securities Nigeria Limited and held the position of Director, Information Technology and Corporate Services, with responsibility for the Group’s IT infrastructure in Africa.

He was appointed the Managing Director/Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS) from 2012-2018.

Shonubi joined the CBN on October 17, 2018, as Deputy Governor, Operations Directorate.