10 Things You Should Know About the New Acting Nigerian CBN Governor

As the Central Bank of Nigeria (CBN) welcomes its new Acting Governor, Mr. Folashodun Adebisi Shonubi, it’s time to familiarize ourselves with the man who will be at the helm of the country’s monetary policy. With a distinguished career in banking and an impressive academic background, Shonubi brings a wealth of experience and expertise to his new role. Here are 10 things you should know about the new CBN Governor:

1. Academic Achievements: Shonubi is an accomplished scholar, holding double Masters Degrees in Business Administration and Mechanical Engineering from the University of Lagos. His educational background reflects a unique combination of technical and managerial expertise.

2. Extensive Banking Experience: With over 30 years of professional experience in the banking industry, Shonubi has built a solid reputation as a resourceful and skilled banker. His diverse roles and responsibilities have provided him with a deep understanding of the sector.

3. Former Managing Director of NIBSS: Before his appointment as Deputy Governor of the CBN, Shonubi served as the Managing Director/CEO of the Nigeria Inter-Bank Settlement System PLC from 2012 to 2018. His tenure saw significant advancements in the country’s interbank payment systems.

4. Executive Positions: Shonubi has held key executive positions in renowned financial institutions. He served as the Executive Director of Information Technology and Operations at Union Bank of Nigeria Plc. Additionally, he held executive roles at First City Monument Bank Limited and Ecobank Nigeria Limited, contributing to their growth and success.

5. Citibank Nigeria Experience: Shonubi gained valuable international exposure during his time at Citibank Nigeria Limited, where he served as the Head of Treasury Operations. This role allowed him to develop a deep understanding of global financial operations.

6. Board Member and Director: Shonubi has served on various boards, including Union Homes and Renaissance Securities Nigeria Limited. He has been responsible for overseeing information technology, corporate services, and infrastructure development.

7. Contribution to the Banking Sector: Shonubi’s expertise has been recognized by his involvement in the Bankers’ Committee, where he has served on several sub-committees. Notably, he has played a role in the Ethics and Professionalism sub-committee, demonstrating his commitment to fostering integrity within the industry.

8. Technological Acumen: Shonubi’s background in information technology has been instrumental in driving innovation and efficiency in the organizations he has worked with. His ability to navigate the intersection of banking and technology will be invaluable in steering the CBN’s digital transformation efforts.

9. Commitment to Ethical Banking Practices: Throughout his career, Shonubi has demonstrated a strong commitment to upholding ethical standards in the banking sector. His involvement in shaping the industry’s ethics and professionalism sub-committee reflects his dedication to promoting integrity within the financial landscape.

10. Vision for the Future: As Shonubi assumes his new role, he brings a vision for a robust and resilient financial system that supports economic growth and fosters financial inclusion. His leadership will be focused on maintaining stability while driving innovation and ensuring the CBN’s policies align with the nation’s developmental goals.

With his vast experience, academic achievements, and commitment to excellence, Mr. Folashodun Adebisi Shonubi is well-positioned to lead the Central Bank of Nigeria during these challenging times. As he takes the reins, all eyes will be on him as he charts the course for the country’s monetary policy and contributes to the nation’s economic progress.

It would be recalled that the former CBN Governor, Godwin Emefiele, was sacked by President Tinubu on Friday June 9, 2023.