Folashodun Adebisi Shonubi Become New Acting CBN Governor in Tinubu’s 2023 Reforms

Folashodun Adebisi Shonubi: Acting CBN Governor with Extensive Banking Experience

In a surprising turn of events, President Bola Tinubu suspended Godwin Emefiele from his position as the Governor of the Central Bank of Nigeria (CBN). The suspension, announced by the Office of the Secretary to the Government of the Federation, has immediate effect. As a result, Mr Folashodun Adebisi Shonubi, the Deputy Governor (Operations Directorate), has been appointed as the acting Governor. This article delves into the background of Shonubi, highlighting his qualifications, professional experience, and his new role as the acting CBN Governor.

Shonubi’s Background and Qualifications

Folashodun Adebisi Shonubi is an accomplished banker with over 30 years of professional experience. He holds double Masters’s Degrees in Business Administration and Mechanical Engineering, both obtained from the University of Lagos. This combination of educational expertise provides Folashodun Adebisi Shonubi with a unique skill set that blends technical knowledge with business acumen.

Shonubi’s Professional Experience

Prior to his appointment as the Deputy Governor of the Central Bank of Nigeria, Folashodun Adebisi Shonubi served as the Managing Director/CEO of the Nigeria Inter-Bank Settlement System PLC from 2012 to 2018. This role positioned him at the forefront of Nigeria’s financial system, where he oversaw the seamless functioning of interbank transactions. Before his time at NIBSS, Shonubi held key executive positions at reputable financial institutions such as Union Bank of Nigeria Plc, Renaissance Securities Nigeria Limited, First City Monument Bank Limited, Ecobank Nigeria Limited, and Citibank Nigeria Limited.

Shonubi’s Contributions to the Banking Industry

During his tenure at various organizations, Folashodun Adebisi Shonubi made significant contributions to the banking industry in Nigeria. As the Executive Director of Information Technology and Operations at Union Bank of Nigeria Plc, he played a vital role in enhancing the bank’s IT infrastructure.

Additionally, he served as Vice President at First City Monument Bank Limited, where he contributed to the growth and development of the institution. Shonubi’s expertise in treasury operations was evident during his time at Citibank Nigeria Limited, where he served as the Head of Treasury Operations. These diverse experiences have equipped him with a comprehensive understanding of the banking landscape.

Folashodun Adebisi Shonubi’s Role as Acting CBN Governor

As the newly appointed acting Governor of the Central Bank of Nigeria, Shonubi faces the immense responsibility of overseeing the nation’s monetary policies and financial stability. His extensive banking experience and understanding of the intricate workings of the financial sector make him a suitable candidate for this position. Folashodun Adebisi Shonubi has been serving as the Deputy Governor (Operations Directorate) since October 17, 2018, and his appointment to the acting Governor role further reinforces his competence.

Folashodun Adebisi Shonubi, the acting Governor of the Central Bank of Nigeria, brings a wealth of experience and knowledge to his new role. With a strong educational background and a successful career in the banking industry spanning over three decades, Folashodun Adebisi Shonubi is well-equipped to guide Nigeria’s monetary policies and ensure financial stability. As the nation awaits further developments, Shonubi’s leadership and expertise will play a crucial role in shaping the future of Nigeria’s economy.

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