Folashodun Shonubi Appointed as Nigeria’s Interim Central Bank Governor

President Bola Ahmed Tinubu has recently appointed Folashodun Shonubi as the interim governor of the Central Bank of Nigeria (CBN). This appointment follows the suspension and subsequent arrest of the former Governor, Godwin Emefiele, amid an investigation into his office and planned banking sector reforms.

The appointment of Shonubi has been positively received by investors and analysts, who view it as a step towards a more traditional economic approach under President Tinubu, inaugurated on May 29. This change in leadership comes after Emefiele’s nearly decade-long tenure, which was marked by an unprecedented presidential run in 2022 and a perceived shift towards partisan politics.

Shonubi, who previously served as deputy to Emefiele and was responsible for operations at the CBN, has a distinguished career in banking and engineering, spanning over three decades. He holds two master’s degrees in business administration and mechanical engineering from the University of Lagos. His professional journey includes key roles in several Nigerian commercial banks, such as Citibank Nigeria Limited, First City Monument Bank (FCMB), Ecobank Nigeria Plc, and Union Bank of Nigeria Limited.

From 2012 to 2018, Shonubi led the Nigeria Inter-Bank Settlement System Plc, regulating infrastructure for inter-bank payments, before joining the CBN. Additionally, he represented Emefiele on the board of the Federal Inland Revenue Service since December 2019.

Shonubi’s appointment is seen as a decisive move by President Tinubu, who has also implemented various reforms within his first 15 days in office, including cutting fuel subsidies, signing a new act for electricity generation, and introducing a student loan regime.

Some analysts, like Ikemesit Effiong, Head of Research at SBM Intelligence, speculate that Shonubi’s appointment might indicate the president’s intention to subtly influence economic policy. Shonubi is considered to be different from his predecessor, both in terms of profile and approach to governance.

Reports suggest that Shonubi had previously expressed opposition to Emefiele’s agenda within the bank, a stance that reportedly aligned with President Tinubu’s vision to reshape the economy and unify exchange rates. Despite being outranked by other deputy governors, Shonubi’s differing views from Emefiele’s policies may have influenced his selection for the interim governor position.

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