The Deputy Governor, Operations of the Central Bank of Nigeria (CBN), Folashodun Adebisi Shonubi, has taken over as the acting governor of the apex bank.
His appointment follows the suspension of Mr. Godwin Emefiele from office.
THE QUEST TIMES reported that President Bola Tinubu, on Friday night suspended Emefiele.
The suspension was announced 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 suspension of the CBN governor is based on an ongoing investigation as well as because of a planned reform of the financial sector.
By law, one of the deputies must complete Emefiele’s tenure, which expires in May 2024.
The central bank has four deputy governors but Shonubi was considered over Aishah Ahmed, Edward Adamu, and Kingsley Obiora.
Shonubi, the new acting CBN governor assumed the position of Operations Directorate on October 17, 2018.
Shonubi, born on March 7, 1962, is a product of the University of Lagos.
He attended the university from 1978 to 1983, receiving a BSc in mechanical engineering.
He further obtained a Master of Science in Mechanical Engineering in 1985 with a bias in Production Engineering from the same University. From 1988-1989 he shifted grounds to Finance and obtained a Master’s in Business Administration specializing in Finance.
With an MBA in his hands, he moved into the IT industry which would later shape his career.
He was a marketing executive at Inlaks Computers Ltd from 1989 to 1990 and took a giant leap when 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, of banking operations and IT.
In 1999, he was on the move yet again, taking up the position of vice president, of 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, of operations and information technology.
Shonubi was also 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 he was appointed to CBN in October 2018 by President Muhammadu Buhari, he was MD/CEO of the Nigeria Inter-Bank Settlement System (NIBSS).
Pending the appointment of a new CBN governor or the unlikely recall of Emefiele, who was suspended by Tinubu Friday night, Shonubi is now the chief central banker of Africa’s biggest economy.