President Bola Tinubu on Friday appointed Folashodun Adebisi Shonubi, Deputy Governor (Operations), Central Bank of Nigeria (CBN) as Acting CBN Governor.
This followed the suspension of the CBN Governor, Godwin Emefiele by the president to pave way for investigation of the apex bank.
Below are quick facts about the Acting CBN Governor.
Engineer, IT Expert, Banker
1. Shonubu was born on 7 March, 1962.
2. He attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering.
3. Shonubi has a Master of Science degree in Mechanical Engineering in 1985 with bias in Production Engineering from the same University.
4. He obtained a Master degree in Business Administration specializing in Finance between 1988 and 1989.
5. He began his working experience as a Consultant Engineer at Mek-ind Associates and worked from 1984 to 1989.
6. He was a Marketing Executive at Inlaks Computers Limited.
7. He moved to Citibank Nigeria Limited as Head, Treasury Operations from 1990 to 1993.
8. He joined Agusto & Co. Ltd as a Supervising Consultant from 1993 to 1996 from where he moved to MBC International Limited as Deputy General Manager, Banking Operations & Information Technology from 1999.
9. He joined First City Monument Bank (FCMB) Limited as Vice-President, Operations & Information Technology and was there till 2002.
10. Shonubi moved from FCMB to Ecobank Nigeria Plc as an Executive Director, Operations & Information Technology and in 2007 he became the Director, Information Technology and Corporate Services, Renaissance Securities Nigeria Limited.
11. He was recruited by Union Bank of Nigeria Limited as an Executive Director, Operations, Technology and Services, September 2009 to April 2012.
12. Shonubi became the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018.
13. In October 2018, Shonubi became 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.
14. He is married with children.
About Adebisi Shonubi
Mr. Folashodun Adebisi Shonubi holds a double Masters Degree respectively in Business Administration and Mechanical Engineering, from the University of Lagos.
- Prior to 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 is said to have been one of the major architect of the Bank Verification Number (BVN) in his time at NIBSS.
- Prior to his appointment as 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
- 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.
His recent voting on MPR Meetings
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.