There was shock on Friday night as the Federal Government announced the suspension of Godwin Emefiele from office with immediate effect.
In what may be taking a cue from what happened in February 2014 to Emefiele’s immediate predecessor, who later became Muhammadu Sanusi, Emir of Kano, by the then President Goodluck Jonathan, a statement by Willie Bassey, Director, Information, for Secretary to the Government of the Federation, said President Bola Ahmed Tinubu suspended the CBN Governor “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.”
Emefiele was “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 investigation and the reforms.”
Emefiele, who became CBN Governor on Tuesday, June 3, 2014 is to hand over to Folashodun Adebisi Shonubi (7 March 1962), the current Deputy Governor, Operations Directorate at the CBN since October 17, 2018, according information on the CBN website on Friday night. His suspension is coming about 11 months to the expiration of his second five-year tenure.
By appointing Shonubi, Tinubu sidestepped more senior Deputy Governors like Mrs. Aishah Ahmad, who was appointed Deputy Governor, Financial System Stability Directorate, on Friday, March 23, 2018; just like Edward Adamu, who is in charge of the Corporate Services Directorate. The other CBN DG, Dr. Kingsley Obiora assumed office at the Economic Policy Directorate on Monday, March 02, 2020.
Shonubi attended Government College Ibadan from 1973 to 1977, and holds a double Masters Degrees in Business Administration and Mechanical Engineering respectively, from University of Lagos.
A former Managing Director of the Nigeria Inter Bank Settlement System Plc, he 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 in Renaissance Securities Nigeria Limited, with responsibility for the Group’s IT infrastructure in Africa.
Shonubi was at Citibank Nigeria Limited as Head, Treasury Operations between 1990 and 1993, after which he joined MBC International from 1999 and 2007 as Deputy General Manager, supervising the IT operational platforms. He served in First City Monument Bank Limited as Vice – President and in Ecobank Nigeria Limited as Executive Director.