In a surprising turn of events, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been suspended from office. Taking his place in the interim is Folashodun Adebisi Shonubi, who currently holds the position of Deputy Governor in charge of the Operations Directorate.
This development was announced by the Director of Information in the Office of the Secretary to the Government of the Federation, Willie Bassey.
The decision to suspend Emefiele stems from an ongoing investigation and a planned reform of the financial sector. President Bola Tinubu made the decision on Friday night, prompting the issuance of a statement by Bassey to inform the public.
Shonubi, who was born on March 7, 1962, is well-prepared to step into the role of acting CBN governor. He holds dual Master's Degrees, one in Business Administration and the other in Mechanical Engineering, both earned from the University of Lagos. With over 30 years of professional experience in banking, Shonubi is a seasoned expert in his field.
Prior to his current appointment, Shonubi served as the Managing Director and CEO of the Nigeria Inter-Bank Settlement System PLC from 2012 to 2018. Before that, he held the position of Executive Director for Information Technology and Operations at Union Bank of Nigeria Plc.
He also worked as a member of the Board of Union Homes and held the position of Director for Information Technology and Corporate Services at Renaissance Securities Nigeria Limited, where he oversaw the company's IT infrastructure across Africa.
Shonubi's career path includes significant roles in various financial institutions. He worked at MBC International as Deputy General Manager from 1999 to 2007, responsible for supervising IT operational platforms.
He served as Vice President at First City Monument Bank Limited and later as Executive Director at Ecobank Nigeria Limited.
Furthermore, Shonubi gained valuable experience during his time as Head of Treasury Operations at Citibank Nigeria Limited from 1990 to 1993.
He has also actively contributed to the banking industry through his involvement in several subcommittees of the Bankers' Committee, including the Ethics and Professionalism sub-Committee.
With his extensive knowledge and background in the banking sector, Shonubi is well-equipped to handle the responsibilities of the acting CBN governor.
As the investigation proceeds and financial sector reforms take place, he will be at the helm of the Central Bank, ensuring stability and guiding the country's monetary policies.
How sure are we that shonubi won't be worse ?