He has been directed to immediately hand over to the Deputy Governor (Operations Directorate) Folashodun Adebisi Shonubi.



President Bola Ahmed Tinubu has suspended the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, CFR, from office with immediate effect.

This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

In a terse statement from the office of the Secretary to the Government of the Federation, Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate) Folashodun Adebisi Shonubi, who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.

While the President has no power to single-handedly “sack” a sitting governor, his power allows him to suspend the governor pending the approval of such a decision by the legislature (2/3 of members of the Senate).

This is based on the CBN Act Section 11 (f) of 2007.

SHONUBI’S PROFILE

Mr. Folashodun Adebisi Shonubi

Deputy Governor, Operations Directorate – since October 2018 holds double Masters Degrees respectively in Business Administration and Mechanical Engineering, from University of Lagos.

He is a resourceful banker with over 30 year’s professional experience.

Prior to his appointment as Deputy Governor in the Central Bank of Nigeria, he was the Managing Director/CEO in the Nigeria Inter-Bank Settlement System PLC from 2012 – 2018.

Prior to his appointment as the Managing Director 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.