[p]Folashodun Adebisi Shonubi, a seasoned professional with over 30 years of experience in the banking industry, has been appointed as the acting Governor of the Central Bank of Nigeria (CBN). This appointment was made by President Bola Tinubu following the suspension of Godwin Emefiele, the previous Governor of the CBN.
The decision to suspend Emefiele was made due to an ongoing investigation and a planned reform of the financial sector, as confirmed by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation.
[figure id="attachment_924996" aria-describedby="caption-attachment-924996" style="width: 900px" class="wp-caption aligncenter"]
Shonubi, born on March 7, 1962, holds a BSc in mechanical engineering and an MSc in the same field from the University of Lagos. Although initially trained as a mechanical engineer, he diversified his expertise by delving into marketing, information technology, and central banking throughout his career.
Starting his professional journey as a consultant engineer at Mek-ind Associates, Shonubi transitioned to the banking sector by acquiring an MBA with a focus on finance. He worked as a marketing executive at Inlaks Computers Ltd before joining Citibank Nigeria Ltd in 1990. He later served as a supervising consultant at Agusto & Co. Ltd and as Deputy General Manager of Banking Operations and IT at MBC International Ltd in 1996.
With the return of democracy to Nigeria in 1999, Shonubi assumed the role of Vice-President of Operations and Information Technology at First City Monument Bank (FCMB). He subsequently joined Ecobank Nigeria Plc as an Executive Director, overseeing Operations and Information Technology.
[figure id="attachment_924995" aria-describedby="caption-attachment-924995" style="width: 790px" class="wp-caption aligncenter"]
In 2009, Shonubi joined Union Bank of Nigeria Ltd, where he held various positions including director of information technology and corporate services. He also served as the Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS) after leaving Union Bank.
Shonubi's journey with the CBN began in 2018 when he assumed the position of Deputy Governor in charge of the Operations Directorate. His extensive experience and expertise in the banking sector have equipped him with valuable insights for his new role as the acting Governor of the CBN.
It is worth noting that the decision to replace Emefiele was legally complex due to the CBN law, which stipulates that only the Senate can remove the Governor with a two-thirds majority. However, Shonubi's appointment as the acting Governor was made in accordance with the President's authority.
[/p]