Introducing Folashodun Shonubi: The New Acting Governor of the CBN

In the wake of the immediate suspension of Godwin Emefiele, the Governor of CBN, his Deputy in the Operations Directorate, Folashodun Adebisi Shonubi, has been appointed as the Acting Governor.
New acting CBN governor
New acting CBN governorThe PUNCH

President Bola Tinubu made the announcement on Friday night, and it was conveyed through a statement issued by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation.

The decision to suspend the CBN Governor is a result of an ongoing investigation and the planned reform of the financial sector, as explained by Bassey.

Folashodun Shonubi assumed the role of the Operations Directorate at the CBN on October 17, 2018. He was born on March 7, 1962 and holds a Bachelor of Science degree in Mechanical Engineering from the University of Lagos, which he obtained in 1983.

He furthered his education by earning a Master of Science degree in Mechanical Engineering with a specialization in Production Engineering from the same university in 1985. Shifting his focus to Finance, he obtained a Master of Business Administration specializing in Finance from 1988 to 1989.

Shonubi began his career as a Consultant Engineer at Mek-ind Associates from 1984 to 1989. He later held various positions including Marketing Executive at Inlaks Computers Limited (1989-1990), Head of Treasury Operations at Citibank Nigeria Limited (1990-1993), and Supervising Consultant at Agusto & Co. Ltd (1993-1996).

He then moved on to roles such as Deputy General Manager, Banking Operations & Information Technology at MBC International Limited (1999), Vice-President, Operations & Information Technology at First City Monument Bank (FCMB) Limited (2003), and Executive Director, Operations & Information Technology at Ecobank Nigeria Plc (2007).

In 2007, Shonubi became the Director of Information Technology and Corporate Services at Renaissance Securities Nigeria Limited. He later served as an Executive Director, Operations, Technology and Services at Union Bank of Nigeria Limited (2012) before assuming the position of Managing Director/CEO at Nigeria Inter-Bank Settlement System Plc (2012-2018).

Since December 9, 2019, he has represented the Governor of the Central Bank of Nigeria on the Board of the Federal Inland Revenue Service (FIRS) as the Deputy Governor, Operations.

Effective June 9, 2023, Mr. Folashodun Shonubi has taken up the role of Acting Governor of the Central Bank of Nigeria (CBN).

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