Mr. Emefiele has been instructed to turn over control of his office’s business to the Deputy Governor (Operations Directorate) right away.
President Bola Tinubu has charged Mr. Folashodun Adebisi Shonubi, the deputy governor of the operations directorate, with acting as the Central Bank of Nigeria’s (CBN) governor following the suspension of Godwin Emefiele on Friday night.
According to the Federal Inland Revenue Service (FIRS) website, Shonubi has represented the CBN governor on the FIRS Board since December 9, 2019, having held the position of deputy governor since October 2018.
He was born on March 7, 1962, and from 1978 and 1983, while studying at the University of Lagos, he earned a Bachelor of Science in Mechanical Engineering. The same university also awarded him a Master of Science in Mechanical Engineering in 1985, with a focus on Production Engineering.
He started studying finance in 1988 and finished it in 1989, earning a master’s degree in business administration with a finance concentration.
F. Shonubi Folashodun
Between 1984 until 1989, Shonubi worked as a consultant engineer at Mek-ind Associates, where he started his career. He worked as a marketing executive for Inlaks Computers Limited from 1989 to 1990.
From 1990 to 1993, he worked as the Head of Treasury Operations at Citibank Nigeria Limited. He worked at Agusto & Co. Ltd. from 1993 to 1996 as a Supervising Consultant before moving to MBC International Limited in 1999 to take the position of Deputy General Manager, Banking Operations and Information Technology.
He started working at First City Monument Bank (FCMB) Limited in 1999 and held the position of Vice-President, Operations and Information Technology there till 2002.
He transferred from FCMB to Ecobank Nigeria Plc in 2003 to serve as Executive Director, Operations and Information Technology. In 2007, he joined Renaissance Securities Nigeria Limited as Director, Information Technology and Corporate Services.
From September 2009 to April 2012, he was employed with Union Bank of Nigeria Limited as an Executive Director, Operations, Technology, and Services.
From May 2012 to October 2018, he served as the managing director/CEO of Nigeria Inter-Bank Settlement System Plc. After that, he was named the deputy governor of the Central Bank of Nigeria.
Background Willie Bassey, Director of Information, Office of the Secretary to the Government of the Federation, made public Emefiele’s suspension from his position as CBN governor in a statement.
The announcement read, “President Bola Ahmed Tinubu has suspended Mr. Godwin Emefiele, CFR, from office with immediate effect.”
“This is a follow-up to the ongoing inquiry into his office and the upcoming banking sector reforms.
“Mr. Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.”
