President Bola Ahmed Tinubu made a significant announcement on Friday night, revealing the suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), News About Nigeria reports.
The suspension directive was issued by the Director of Information in the Office of the Secretary to the Government of the Federation (OSGF), Willie Bassey, in a statement released on Friday.
In light of this development, Emefiele has been instructed to transfer his responsibilities as the head of the CBN to the Deputy Governor (Operations Directorate), who will assume the role of acting Governor until the investigation and reforms are concluded.
The individual appointed to temporarily fulfill the position of CBN Deputy Governor (Operations Directorate) is Folashodun Adebisi Shonubi. Shonubi was appointed to this role by former President Muhammadu Buhari in 2018.
Prior to his appointment, he served as the Managing Director of the Nigeria Inter-Bank Settlement System Plc (NIBSS). Shonubi holds dual Master’s Degrees in Business Administration and Mechanical Engineering, which he earned from the University of Lagos.
He brings a wealth of experience to the table, having held various executive positions in prominent financial institutions.
Throughout his career, Shonubi served as the Executive Director of Information Technology and Operations at Union Bank of Nigeria Plc, where he also held a position on the Board of Union Homes.
Additionally, he held the role of Director of Information Technology and Corporate Services at Renaissance Securities Nigeria Limited.
Shonubi gained further expertise during his time at Citibank Nigeria Limited, where he served as the Head of Treasury Operations from 1990 to 1993.
From 1999 to 2007, he worked as the Deputy General Manager at MBC International, overseeing their IT operational platforms.
Shonubi has also contributed his skills to First City Monument Bank Limited (FCMB) as Vice President and Ecobank Nigeria Limited as an Executive Director.
With over 22 years of professional experience, Shonubi is a highly accomplished and technology-driven banker.
His expertise in information technology, coupled with his extensive knowledge of banking operations, positions him well to take on the responsibilities of the CBN Governor temporarily.
While Emefiele’s suspension undergoes investigation and reforms, Shonubi’s leadership will ensure the smooth continuation of the apex bank’s operations.
The decision to suspend Emefiele marks a significant development in Nigeria’s financial landscape.
It reflects the government’s commitment to maintaining transparency and accountability within the central banking sector.
As investigations unfold and reforms are implemented, it is expected that the CBN will emerge stronger and better equipped to serve the nation’s economic interests.
