Breaking:CBN Governor Suspended, Folashodun Appointed.

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CBN Governor, Emefiele has been Suspended with immediate effect by President Tinubu while Folashodun Adebisi has been appointed to replace him.

June 9, 2023 TEC News.

President Bola Tinubu has excercise his power as the President of the Federal Republic of Nigeria as he has just suspended Godwin Emefiele as the Central Bank of Nigeria (CBN) governor.

As the Director of Information, Office of the Secretary to the Government of the Federation, Willie Basset said in a statement on Friday,

“President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.,”

“This 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),” Folashodun Adebisi Shonubi who will act in the capacity of Central Bank Governor pending the conclusion of the investigation and the reforms.


Shonubi, the new acting CBN governor born on the 7th March, 1962 assumed the position of Operations Directorate on October 17, 2018.

He holds a double Master’s Degree respectively in Business Administration and Mechanical Engineering, from the University of Lagos. He is a banker with over 30 year’s professional experience.

He was the Managing Director/CEO of the Nigeria Inter-Bank Settlement System PLC from 2012-2018.

Before he was appointed 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 in 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-

TEC News shall keep updating the public as events unfolds. Drop your comment at the comment box and let us know your thoughts about the development.


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