News NileJune 10, 2023

Meet Folashodun Shonubi, Emefiele’s replacement as acting CBN governor

Deputy governor of operations at the Central Bank of Nigeria (CBN) Folashodun Shonubi has taken over as the acting governor of the apex bank.

His appointment follows the removal of Godwin Emefiele from office by President Bola Tinubu.

The president, according to a Friday night statement by the director of information in the office of the Secretary to the Government of the Federation, Willie Bassey, ordered Emefiele to 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 investigation and the reforms.”

Emefiele’s suspension follows his controversial naira redesign policy which many in the ruling political party, the All Progressives Congress, believe was aimed at spoiling Tinubu’s chances at the February 25 presidential poll.

Shonubi began his work 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 of 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 of banking operations and information technology in 1999. He later joined First City Monument Bank (FCMB) Limited as vice-president of operations and information technology and was there till 2002.

In 2003, he moved from FCMB to Ecobank Nigeria Plc as an executive director of operations and information technology and in 2007 he became the director of information technology and corporate services at Renaissance Securities Nigeria Limited. He was recruited by Union Bank of Nigeria Limited as an executive director of operations, technology and services from September 2009 to April 2012.

He became the managing director/CEO of Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018. From October 2018 till date, Shonubi has been the deputy governor of operations at the CBN representing the CBN governor on the board of FIRS since December 9, 2019.

Shonubi was 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 obtained a master of science degree in mechanical engineering in 1985. In 1989, he obtained another master’s degree in business administration specialising in finance.