Deputy Governor Folashodun Adebisi Shonubi steps in as CBN Governor in the interim

In the wake of the suspension of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN), a new acting governor has been appointed to lead the institution temporarily. Folashodun Adebisi Shonubi, the Deputy Governor in charge of the Operations Directorate, will assume the responsibilities of the CBN Governor in the interim.

Recall that President Bola Tinubu, on Friday night, suspended Emefiele who was subsequently arrested by the Department of State Security (DSS).

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.

Shonubi, the new acting CBN governor assumed the position of Operations Directorate on October 17, 2018.

He was born on the 7th of March, 1962. He holds a double Master’s Degree respectively in Business Administration and Mechanical Engineering, from the University of Lagos.

He is a banker with over 30 year’s professional experience. He was the Managing Director/CEO of the Nigeria Inter-Bank Settlement System PLC from 2012-2018.

Before he was appointed the Managing Director of NIBSS PLC, Mr. Shonubi was Executive Director, Information Technology and Operations at Union Bank of Nigeria Plc; a member of the Board of Union Homes, and Director, Information Technology and Corporate Services in Renaissance Securities Nigeria Limited, with responsibility for the Group’s IT infrastructure in Africa.

Between 1999 and 2007, he worked in MBC International as Deputy General Manager and supervised their IT operational platforms, served in First City Monument Bank Limited as Vice President and in Ecobank Nigeria Limited as Executive Director.

Mr. Shonubi also had a stint with Citibank Nigeria Limited as its Head, Treasury Operations (1990-1993).
He has served on a number of sub-committees of the Bankers’ Committee, including the Ethics and Professionalism sub-committee.

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