Acting CBN Governor, Folashodun Shonubi




Folashodun Adebisi Shonubi has been announced as the acting governor of the Central Bank of Nigeria (CBN) following the immediate suspension of Godwin Emefiele on the night of Friday, June 10, 2023.

In a not-so-shocking development, President Bola Tinubu dropped the axe on Emefiele who had caught the figure of a public enemy number one due to a series of controversial monetary policies throughout his reign.


His suspension was conveyed 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 embattled top banker was suspended as the CBN governor because of an ongoing investigation as well as a planned reform of the financial sector.

Meanwhile, the statement also disclosed that Emefiele was asked to hand over to his Deputy (Operations Directorate), Shonubi, who will steer the affairs of the apex bank in an acting capacity in the meantime.

Shonubi was born on the 7th of March, 1962. He attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering.

Thereafter he obtained a Master of Science in Mechanical Engineering in 1985 with bias in Production Engineering from the same University.


From 1988-1989 he shifted grounds to Finance and obtained a Masters’ in Business Administration specializing in Finance. He began his working 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, 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, Banking Operations & Information Technology from 1999. In 1999, he joined First City Monument Bank (FCMB) Limited as Vice-President, Operations & Information Technology and was there till 2002.


In 2003, he moved from FCMB to Ecobank Nigeria Plc as an Executive Director, Operations & Information Technology and in 2007 he became the Director, Information Technology and Corporate Services, Renaissance Securities Nigeria Limited. He was recruited by Union Bank of Nigeria Limited as an Executive Director, Operations, Technology and Services, September 2009 to April 2012.

He became the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018. October 2018 to date, Mr. Folashodun is the Deputy Governor, Operations of the Central Bank of Nigeria (CBN) representing the Governor of the Central Bank of Nigeria on the Board of FIRS since the 9th of December, 2019.



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