President Tinubu suspends CBN Governor, Emefiele

Rahila Lassa and Qasim Akinreti

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President Bola Ahmed Tinubu GCFR has suspended the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, from office with immediate effect.

The Office of the Secretary to the Government of the Federation announced his suspension on Friday night, June 9, 2023

The Director of Information, SGF office, Willie Bassey, in a statement disclosed that the suspension is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

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.

Acting CBN Governor’s Background

The CBN Acting Governor, Mr Folashodun Shonubi, a (Board Member) has been serving since October 17, 2018 – to date.

He holds double Masters Degree respectively in Business Administration and Mechanical Engineering, from the University of Lagos.

Mr Shonubi is a banker with over 30 years of professional experience.

Prior to his appointment as Deputy Governor in the Central Bank of Nigeria, he was the Managing Director/CEO in the Nigeria Inter-Bank Settlement System PLC from 2012 – 2018.

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.










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