Connect with us


BIG STORY

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

Published

on

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

“JAPA”: Canada Increases Minimum Proof Of Funds To N17m For Immigrants

Published

on

Foreign nationals aiming to migrate to Canada through the Express Entry system will now need to meet a higher minimum financial requirement, following a recent update from Immigration, Refugees and Citizenship Canada (IRCC).

Based on the new guidelines effective from July 7, 2025, a single applicant is now required to show access to at least CAD $15,263 (about N17 million), an increase from the previous CAD $14,690. For a family of two, the new minimum required amount rises to CAD $19,001 (N21.2m).

This update in the financial threshold is part of IRCC’s annual review of settlement fund requirements, calculated at 50% of the low-income cut-off figures determined by Statistics Canada.

These funds are meant to prove that applicants can financially support themselves and their families after arriving in Canada.

Applicants must provide official letters from their financial institutions, printed on the bank’s letterhead. For those applying with a spouse, funds in joint accounts may be combined.

To stay eligible in the Express Entry pool, candidates must update their proof of funds in their profile no later than July 28, 2025. This update will not affect the original submission date and time of the profile, meaning it will not impact tie-breaker situations.

Proof of funds remains a mandatory requirement under both the Federal Skilled Worker Program and the Federal Skilled Trades Program. However, it is not required for applicants under the Canadian Experience Class or for those already authorized to work in Canada with a valid job offer, even under other Express Entry categories.

Submitting an Express Entry profile is only the initial step and does not guarantee permanent residency. IRCC continues to invite the highest-ranking candidates from the pool approximately every two weeks, using the Comprehensive Ranking System (CRS) to assess and rank applications.

Continue Reading

BIG STORY

UK Introduces eVisas For Nigerian Study, Work Visa Applicants

Published

on

The British High Commission in Abuja announced on Wednesday a new change in the United Kingdom’s immigration process for Nigerians applying for study and work visas.

Effective from 15 July 2025, most applicants in these categories will start receiving digital eVisas instead of the traditional visa stickers in their passports, according to a statement from the BHC.

The new policy applies only to applications submitted on or after 15 July 2025. Those who apply before that date will still follow the current process, which involves submitting a passport at a Visa Application Centre and receiving a vignette.

The statement reads, “From 15 July 2025, most individuals applying to enter the UK on study or work-related visas will no longer receive a physical visa sticker (vignette) in their passport. Instead, successful applicants will be issued an eVisa, a secure, online record of their immigration status. This change marks a major step in the UK Government’s transition to a modern, digital immigration system. This change applies only to study or work visa applications submitted on or after 15 July 2025. Applicants who apply before 15 July will continue with the current process, including leaving their passport at the Visa Application Centre and receiving a vignette. Visit visa applications will continue to receive the visa vignette sticker for the time being.”

Applicants are still required to visit a Visa Application Centre to provide biometric data.

Once approved, applicants will receive an email from UK Visas and Immigration with the decision and instructions for creating a UKVI account to access their eVisa.

The statement continues, “Despite the removal of the vignette for study or work visas, all applicants must still attend a Visa Application Centre to provide their biometric information as part of the visa processing procedure. Once a decision is made on their visa application, applicants will receive an email from UK Visas and Immigration with the outcome and instructions to create a UKVI account, to access their eVisa.”

Chargé d’Affaires at the British High Commission in Abuja, Gill Obe, stated, “We’re making it easier and faster for Nigerians to travel to the UK. From 15 July 2025, most people applying for study or work visas will get a digital eVisa instead of a visa sticker in their passport. This is a further big step to a fully digital UK immigration system, making the process more secure, more efficient, and more convenient for students, professionals, and families.”

She explained that not all applicants would be affected immediately.

“However, if you’re applying as a dependant, like a spouse or child, of someone who is studying or working in the UK or if you are applying for a visitor visa, you’ll still receive a visa vignette sticker in your passport for the time being,” she said.

The High Commission clarified that eVisas have already replaced Biometric Residence Permits for individuals granted leave for more than six months. Those with a UKVI account can use the “View and Prove” service to share their immigration status with third parties, such as employers or landlords in England.

To obtain an eVisa, applicants must apply online via the official UK government website (gov.uk), attend a Visa Application Centre to provide biometrics, take their passport home the same day if no vignette is required, and follow instructions in the decision letter, including creating and linking a UKVI account if needed.

Continue Reading

BIG STORY

BREAKING: Ganduje Appointed FAAN Board Chairman

Published

on

Former Kano State Governor Abdullahi Umar Ganduje has been appointed “Chairman of the Board of the Federal Airports Authority of Nigeria (FAAN),” shortly after resigning as “National Chairman of the All Progressives Congress (APC).”

The announcement was made on Tuesday at the official inauguration of newly appointed FAAN board members in Abuja.

Ganduje resigned from his role as APC national chairman last week, citing “urgent personal reasons.” He has been succeeded by Ali Bukar Dalori.

 

More to come:

Continue Reading



 

Join Us On Facebook

Most Popular