Meet Adebisi Shonubi, Newly Appointed Acting CBN Governor

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

The office of the SGF asked the suspended CBN Governor, Mr Emefiele to hand over to him with immediate effect.

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Infact, Emefiele is said to be currently the August guest and visitor of the DSS office in Abuja, as the investigations and allegations against his activities at the regulatory bank are being carried out.

In June 2018, President Muhammadu Buhari approved the nomination of Folashodun Adebisi Shonubi as Deputy Governor at CBN and he resumed office on the 17th of October under the Operations Directorate.

The Man Adebisi Shonubi

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.

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.Shonubi had often displayed hawkish stance in his contributions to monetary policy decisions. Consequently, he has often opted for higher interest rates. For example, at the last MPR in November 2023 he voted for MPR to 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.

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Some analysts say Shonubi is expected to influence the continued hiking of the rate as Policy makers are in a bind as to how to manage the liquidity-induced inflation and the cost push effect of petrol pricing.

According to Bismarck Tewane, chief executive of Financial Derivatives Company in 5he current Economic Nuletin, “Initial thoughts are that the MPC will tighten some more and allow the effective rates of interest, which are presently very low to rise in the direction of inflation.”