After Godwin Emefiele’s suspension as governor of the central bank, President Bola Tinubu named Mr. Folashodun Adebisi Shonubi to fill the vacancy.
The suspended CBN Governor, Mr. Emefiele, was requested to transfer control to the SGF’s office with immediate effect.
Mr. Folashodun Adebisi Shonubi’s candidacy as the Deputy Governor of the Central Bank of Nigeria (CBN) was confirmed by President Muhammadu Buhari in June 2018. He started working in the Operations Directorate again on October 17.
Mr. Folashodun Adebisi Shonubi is a graduate of the University of Lagos with dual master’s degrees in mechanical engineering and business administration.
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 participated in several Bankers’ Committee subcommittees, including the Ethics and Professionalism subcommittee.
When it comes to monetary policy, Mr. Shonubi frequently takes a hawkish stance in favor of raising interest rates. For instance, he voted in favor of raising the MPR to 16.5% at the most recent MPR in November 2023, which was approved.
He voted in favor of raising MPR from 16.5% to 18% by 150 basis points at the January MPR. The members ultimately decided to raise the rate by 100 basis points, to 17.5%.
He additionally supported a 50-basis point increase to 18% at the March MPR, which the committee ultimately approved.
