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Meet Folashodun Shonubi, Banker, IT Expert Who Takes Over As Acting CBN Governor

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Folashodun Adebisi Shonubi, appointed acting governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu on Friday, is not your typical banker.

The CBN deputy governor (operations) trained as a mechanical engineer, went into marketing, moved into information technology — and became a central banker.

The decision to suspend Godwin Emefiele, the governor, was taken on Friday afternoon after a number of scenarios, including an outright sack, was contemplated.

However, presidential sources said a sack was considered legally complicated because of the CBN law which empowers only the Senate to remove the governor by a two-thirds majority.

By law, one of the deputies must complete Emefiele’s tenure, which expires in May 2024.

The central bank has four deputy governors but Shonubi was considered above Aishah Ahmed, Edward Adamu, and Kingsley Obiora.

PRODUCT OF UNILAG

Shonubi, born on March 7, 1962, is a product of the University of Lagos.

He attended the university from 1978 to 1983, receiving a BSc in mechanical engineering before studying for an MSc in the same field at the same university.

After working as a consultant engineer at Mek-ind Associates from 1984 to 1989, he changed his line of education and profession by studying for an MBA with a focus on finance.

With an MBA in his hands, he moved into the IT industry which would later shape his career.

THE OPERATIONS MAN

He was a marketing executive at Inlaks Computers Ltd from 1989 to 1990 and took a giant leap when he was appointed head of treasury operations at Citibank Nigeria Ltd in 1990.

In 1993, he moved to Agusto & Co. Ltd as a supervising consultant, working there for three years before joining MBC International Ltd as deputy general manager, of banking operations and IT.

In 1999, he was on the move yet again, taking up the position of vice president, operations and information technology at the First City Monument Bank (FCMB) Ltd.

He left FCMB in 2003 for Ecobank Nigeria Plc, where he became executive director, operations and information technology.

Shonubi was also director, Information technology and corporate services at Renaissance Securities Nigeria Ltd as well as executive director, operations, technology, and services at Union Bank of Nigeria Ltd from 2009 to 2012.

Before he was appointed to CBN in October 2018 by President Muhammadu Buhari, he was MD/CEO of the Nigeria Inter-Bank Settlement System (NIBSS).

Pending the appointment of a new CBN governor or the unlikely recall of Emefiele, who was suspended by Tinubu Friday night, Shonubi is now the chief central banker of Africa’s biggest economy.

BIG STORY

JUST IN: Jigawa State Governor Loses 24-Yr-Old Son A Day After Mother’s Demise

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Tragically, just one day after the passing of his mother, Governor Namadi of Jigawa has now lost his 24-year-old son.

A statement from the governor’s spokesperson, Hamisu Gumel, confirmed that the governor’s son sadly lost his life in a road accident on Thursday.

“To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

“With a heavy heart and total submission to the will of Almighty Allah, His Excellency Mallam Umar Namadi, Governor of Jigawa State, announces the passing of yet another member of his family; his dear son Abdulwahab Umar Namadi.

“He departed this world this afternoon (Thursday, December 26th, 2024) as a result of a ghastly motor accident along Dutse-Kafin-Hausa Road. “The burial rite is taking place at this moment in Kafin Hausa town, in accordance with Islamic traditions.

“A 24-year-old, late Abdulwahab is survived by his parents and many siblings. “To Allah belongs that which He has taken, and to Him belongs that which He has given, and everything has an appointed time with Him.”

 

More to come…

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BIG STORY

Sokoto Counters Military, Says 10 Civilians Accidentally Killed In Air Strike

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The Sokoto state government says no fewer than 10 civilians were killed when a military air strike targeted suspected terrorists in Gidan Bisa village, Silame LGA of the state.

Abubakar Bawa, press secretary to Ahmed Aliyu, governor of the state, wrote in a statement issued on Wednesday.

Bawa quoted Abubakar Rana, chairman of Silame LGA, as saying that the incident occurred around 6am on Christmas Day, when two military fighter jets “mistakenly” dropped bombs on the village.

Aliyu, who was accompanied by Aliyu Wamakko, leader of the All Progressives Congress (APC) in the state, and Muhammadu Maigari Dingyadi, minister of labour and employment, attended the funeral prayers for the victims.

Consoling the villagers, the governor described the incident as “unfortunate.”

“The military jets were on their mission to eliminate criminal armed groups terrorising the state and mistakenly bombed innocent people of this community,” he said.

“We consider this a mistake because the same military had on several occasions successfully raided many criminal hideouts in the state.”

Aliyu prayed for Allah’s forgiveness for the deceased and strength for their families.

Muhammad Sifawa, secretary to the state government, announced a relief package of N20 million and 100 bags of assorted foodstuffs for the families of the deceased.

He also assured that the state government would cover the medical bills of the injured.

The military had denied reports of civilian casualties in the bombing.

Reports said air strikes conducted by the air component of Operation Hadarin Daji, targeting the Lakurawa terrorist group, had inadvertently killed civilians in the Gidan Sama and Rumtuwa communities.

However, Abubakar Abdullahi, joint media coordinator for the operation, said the strikes targeted locations confirmed to be linked to the insurgents.

“All military operations are based on thorough intelligence and reconnaissance missions to ensure precision and protect civilian lives,” Abdullahi said.

“The targets struck in the vicinity of Gidan Sama and Rumtuwa were positively identified as associated with the Lakurawa group, reinforcing the justification for the military action.”

Olusola Akinboyewa, spokesperson for the Nigerian Air Force, told TheCable that the missiles were launched following credible intelligence from multiple sources and confirmatory aerial surveillance.

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BIG STORY

Adron Homes Celebrates Christmas With Customers, Reaffirms Commitment To Bridging Nigeria’s Housing Deficit

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As the world embraces the joy and warmth of the Christmas season, Adron Homes and Properties, Nigeria’s foremost real estate company, has extended heartfelt greetings to its esteemed customers while reaffirming its commitment to addressing the nation’s housing challenges.

In a message of gratitude and celebration, Adron Homes expressed deep appreciation to its customers for their trust and loyalty throughout 2024. The company highlighted its unwavering dedication to making incredible housing affordable for all Nigerians, in line with its mission of reducing the country’s housing deficit.

“Christmas is a time to celebrate family, unity, and gratitude,” the statement read. “As we reflect on the year, we are proud to have played a role in making homeownership a reality for thousands of Nigerians. Our vision is clear—to bridge the housing deficit by providing affordable, luxurious, and secure homes for all, regardless of income level.”

Adron Homes has continued to lead the real estate industry by implementing innovative solutions that make homeownership accessible, including flexible payment plans and cost-effective housing models tailored to meet diverse customer needs.

As part of its Christmas and end-of-the-year celebration, the company has launched a special festive promotions ‘Lemon Friday’ aimed at encouraging more Nigerians to join its growing community of homeowners.

“We remain committed to transforming dreams into reality. This is not just about building homes; it’s about building futures and creating opportunities for families to thrive in a space they can call their own,” the statement added.

Adron Homes extended warm wishes to all Nigerians and its global customers, urging them to embrace the season’s spirit of love and hope. “May your homes be filled with peace, joy, and prosperity this Christmas and beyond.”

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