Nigeria: Shonubi Assumes Role as Acting CBN Governor

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In a recent development, President Bola Ahmed Tinubu has appointed Mr. Folashodun Adebisi Shonubi as the acting Governor of the Central Bank of Nigeria (CBN).

This decision comes following the suspension of Godwin Emefiele from his position as CBN Governor.

Shonubi will oversee the operations of the apex bank until the conclusion of Emefiele’s investigation or the appointment of a permanent governor.

Born on March 7, 1962, Shonubi brings a wealth of experience to his new role.

He graduated from the University of Lagos in 1983 with a Bachelor of Science degree in Mechanical Engineering.

He furthered his education at the same university, obtaining a Master of Science in Mechanical Engineering with a specialization in Production Engineering in 1985.

Shonubi later shifted his focus to finance and earned a Master’s in Business Administration between 1988 and 1989.

Shonubi’s professional journey began as a Consultant Engineer at Mek-ind Associates, where he worked from 1984 to 1989.

He then served as a Marketing Executive at Inlaks Computers Limited from 1989 to 1990. His banking career took off when he joined Citibank Nigeria Limited as the Head of Treasury Operations from 1990 to 1993.

Shonubi went on to hold positions such as Supervising Consultant at Agusto & Co. Ltd from 1993 to 1996 and Deputy General Manager of Banking Operations and Information Technology at MBC International Limited.

In 1999, Shonubi became Vice-President of Operations & Information Technology at First City Monument Bank (FCMB) Limited, a position he held until 2002.

From 2003 to 2012, he worked at Ecobank Nigeria Plc, serving as an Executive Director of Operations and Information Technology, Director of Information Technology and Corporate Services, and later at Renaissance Securities Nigeria Limited.

His last role before joining the CBN was as Executive Director of Operations and Technology at Ecobank Nigeria Plc.

Prior to his appointment as Deputy Governor at the Central Bank of Nigeria, Shonubi served as the Managing Director and Chief Executive Officer of the Nigeria Inter-Bank Settlement System from May 2012 to October 2018.

During his tenure, he played a pivotal role in reshaping Nigeria’s e-payment system.

Given his extensive experience in the financial sector, including his representation of the CBN governor on the Board of the Federal Inland Revenue (FIRS), Shonubi is expected to navigate the challenges in the financial services industry with competence and proficiency.

As the nation awaits the resolution of the current storm, all eyes are on the newly appointed acting CBN governor to steer the course effectively.