Folashodun Shonubi becomes Acting Governor Of The Central Bank of Nigeria, Following Suspension of Godwin Emefiele

Folashodun Adebisi Shonubi has assumed the role of acting governor at the Central Bank of Nigeria (CBN). This came after the newly sworn in president, Bola Ahmed Tinubu announced the suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN).

Introducing Acting Governor of the Central Bank of Nigeria, Folashodun Shonubi

Born on March 7th, 1962, Shonubi completed his Bachelor of Science in Mechanical Engineering at the University of Lagos between 1978 and 1983. He continued his education at the same university, earning a Master of Science in Mechanical Engineering with a focus on Production Engineering in 1985. In 1988, he shifted his academic pursuit to Finance and obtained a Master’s in Business Administration, specializing in Finance.

Shonubi commenced his professional journey as a Consultant Engineer at Mek-ind Associates, where he served from 1984 to 1989. Following that, he worked as a Marketing Executive at Inlaks Computers Limited from 1989 to 1990. Subsequently, he joined Citibank Nigeria Limited, holding the position of Head of Treasury Operations from 1990 to 1993. He then became a Supervising Consultant at Agusto & Co. Ltd from 1993 to 1996 before transitioning to MBC International Limited as Deputy General Manager, overseeing Banking Operations & Information Technology from 1999.

In 1999, Shonubi joined First City Monument Bank (FCMB) Limited as Vice-President, responsible for Operations & Information Technology until 2002. He further expanded his career by serving as an Executive Director of Operations & Information Technology at Ecobank Nigeria Plc in 2003. Later, in 2007, he assumed the role of Director of Information Technology and Corporate Services at Renaissance Securities Nigeria Limited. He was then recruited by Union Bank of Nigeria Limited, serving as an Executive Director of Operations, Technology, and Services from September 2009 to April 2012.

From May 2012 to October 2018, Shonubi held the position of Managing Director/CEO at Nigeria Inter-Bank Settlement System Plc. Since December 9th, 2019, he has been the Deputy Governor of Operations at the Central Bank of Nigeria (CBN), representing the Governor on the Board of the Federal Inland Revenue Service (FIRS). He is married and has children.

Emefiele Suspended by President Tinubu

President Bola Tinubu has announced the suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN).

In a statement issued by Willie Bassey, the Director of Information in the Office of the Secretary to the Government of the Federation, the suspension follows an ongoing investigation into to Godwin Emefiele’s office.

The statement reads:

President Bola Ahmed Tinubu has suspended Mr. Godwin Emefiele, CFR, from his position as the Central Bank Governor with immediate effect. This decision is a result of the ongoing investigation into his office and the proposed reforms in the financial sector of the economy.”

Mr. Emefiele has been directed to promptly hand over the responsibilities of his office to the Deputy Governor (Operations Directorate), who will assume the role of Acting Governor of the Central Bank until the investigation and reform processes are concluded.”

Suspended CBN Governor Godwin Emefiele Allegedly Arrested by DSS Following President Tinubu’s Action

In a recent development, it has been reported that the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has purportedly been apprehended by operatives of the Department of State Services (DSS). TVC and PM News have released accounts stating that the arrest of the CBN chief took place subsequent to his suspension. According to, President Bola Tinubu suspended Emefiele from his position on Friday, June 9, with immediate effect. This action was taken to facilitate an ongoing official investigation into Emefiele’s conduct as the governor of Nigeria’s central banking institution.

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