Tinubu suspends Emefiele as CBN governor, orders probe


President Bola Tinubu has suspended Godwin Emefiele as the Central Bank of Nigeria (CBN) governor. 

The suspension was disclosed on Friday  via  a statement  issued by William Bassey, Director of information at the office the SGF.


The statement partly read, “President Bola Tinubu has suspended the Central Bank Governor, Godwin Emefiele, 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.

“Emefiele has been 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 the investigation and the reforms.

Meet Emefiele’s Successor:


Born on March 7, 1962, Folashodun Shonubi studied Mechanical Engineering at UNILAG between 1978 and 1983. After completing his  BSc in Mechanical Engineering, he went further to obtain a Master’s Degree in the same discipline from the university.


After an engineering stint, Shonubi studied further and obtained a Masters of Business Administration (MBA). This landed him a job  at Citibank Nigeria Ltd in 1990. Six years later, he joined MBC International Ltd as Deputy General Manager, Banking Operations and IT.

When Democracy returned to Nigeria in 1999, Shonubi took up the position of Vice-President, Operations and Information Technology at the First City Monument Bank (FCMB). He later moved to Ecobank Nigeria Plc, where he served as Executive Director, Operations and Information Technology.

He joined the services of Union Bank of Nigeria Ltd in 2009 and remained there till 2012.


After he left Union Bank, Shonubi got appointed as Managing Director/Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS).


Five years ago he joined CBN as Deputy Governor, Operations Directorate. He joined the bank precisely on October 17, 2018. He is a banker with over 30 years professional experience.