Folashodun Shonubi now CBN acting governor

In the wake of the suspension of Godwin Emefiele as central bank governor, President Bola Tinubu has appointed Mr. Folashodun Adebisi Shonubi as acting CBN governor.

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.

His recent voting on Monetary Policy Rate (MPR) meetings

Mr. Shonubi has often taken a hawkish monetary policy stand, pushing for higher interest rates. For example, at the last MPR in November 2023, he voted for the MPR to be raised to 16.5%, which was adopted.

At the January MPR, he voted for a 150 basis point hike in the 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.

Profile: Meet Folashodun Adebisi Shonubi

Mr. Folashodun Adebisi was born on March 7, 1962. He attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering.

He further obtained a Master of Science in Mechanical Engineering in 1985 with a bias in Production Engineering from the same university. From 1988–1989, he shifted his focus to finance and obtained a Masters’ in Business Administration specialising in finance.

He began his working experience as a consultant engineer at Mek-ind Associates and worked there from 1984 to 1989. From 1989 to 1990, he was a marketing executive at Inlaks Computers Limited.

He moved to Citibank Nigeria Limited as Head of Treasury Operations from 1990 to 1993. He joined Agusto & Co. Ltd. as a supervisory consultant from 1993 to 1996, from which he moved to MBC International Limited as Deputy General Manager, Banking Operations & Information Technology, in 1999. In 1999, he joined First City Monument Bank (FCMB) Limited as Vice President, Operations & Information Technology, and was there till 2002.

In 2003, he moved from FCMB to Ecobank Nigeria Plc as an Executive Director, Operations and Information Technology, and in 2007, he became the Director, Information Technology and Corporate Services, Renaissance Securities Nigeria Limited. He was recruited by Union Bank of Nigeria Limited as an Executive Director, Operations, Technology, and Services, from September 2009 to April 2012.

He was the Managing Director and CEO of Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018. From October 2018 to date, Mr. Folashodun has been the Deputy Governor, Operations, of the Central Bank of Nigeria (CBN), representing the Governor of the Central Bank of Nigeria on the Board of FIRS since the 9th of December, 2019. He is married and has children.

On June 9, 2023, he became the Acting Governor of the Central Bank of Nigeria (CBN).