Following the suspension of the embattled CBN Governor, Godwin Emefiele, President Bola Tinubu has appointed Mr. Folashodun Adebisi Shonubi is now acting CBN Governor.
After the office of the SGF asked the suspended CBN Governor, Mr Emefiele to hand over to him with immediate effect.
President Muhammadu Buhari approved the nomination of Mr. Folashodun Adebisi Shonubi as Deputy Governor at the Central Bank of Nigeria (CBN) in June 2018 and he resumed office on the 17th of October under the Operations Directorate.
It is noted that, Mr. Folashodun Adebisi Shonubi holds a double Masters Degree respectively in Business Administration and Mechanical Engineering, from the University of Lagos.
Before his appointment as Deputy Governor in the Central Bank of Nigeria, he was the Managing Director/CEO of the Nigeria Inter-Bank Settlement System PLC from 2012 – 2018.
He was said to have been one of the major architect of the Bank Verification Number (BVN) in his time at NIBSS.
He was also 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 at Renaissance Securities Nigeria Limited, with responsibility for the Group’s IT infrastructure in Africa
Infact 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.
Mr. Shonubi has often chosen a hawkish monetary policy stand pushing for higher interest rates. For example, at the last MPR in November 2023 he voted for MPR tp be raised to 16.5% which was adopted.
At the January MPR, he voted for a 150 basis point hike in MPR from 16.5% to 18%. The members eventually voted for a 100 basis point increase to 17.5%.
At the March MPR, he also voted for a 50 basis point raise to 18% which was eventually adopted by the committee.
(Naira Metrics)