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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

Italian Bags 24 Years Jail Term For Beating Physically Challenged Nigerian To Death

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Filippo Ferlazzo, the Italian who beat Italy-based Nigerian man Alika Ogorchukwu to death in July 2022, has been sentenced to 24 years in prison.

The 39-year-old Nigerian who was beaten to death in the Italian city of Civitanova Marche in the Marche Region in the Province of Macerata has finally received justice.

Abike Dabiri-Erewa, Chairman of the Nigerians in Diaspora Commission (NIDCOM), made the announcement in a statement signed by NIDCOM spokesperson Gabriel Odu on Thursday.

Dabiri-Erewa who expressed satisfaction over the justice meted out to Ferlazzo commended the Nigerian Mission in Rome for following through with the case and other cases involving Nigerians.

“I am glad that this case finally got justice. Like I always say, there has to be consequences for actions”.

The NIDCOM boss also urged Nigerians in the diaspora to remain law-abiding, excel in what they do, and never forget home by giving back to their homeland.

She also exhorted Nigerians living abroad to uphold the law, be the best at what they do, and never forget their roots by supporting their home country.

According to the Italian police, Ogorchukwu was assaulted while strolling in broad daylight, after the Nigerian asked Ferlazzo’s fiancée to buy him a handkerchief.

With the use of Ogorchukwu’s crutches, the attacker battered the victim to death in front of multiple witnesses, some of whom made videos on their smartphones.

On July 30, 2022, Ferlazzo was detained and arrested on charges of having murdered Ogorchukwu and having stolen Ogorchukwu’s phone.

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Lagos Government Implements Total Ban On Street Trading, Hawking To Improve Safety And Sanitation

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In a bid to create a cleaner, safer, and healthier environment, the Lagos State government, under the auspices of the Ministry of Environment and Water Resources, has implemented a comprehensive ban on street trading, hawking, and related illegal activities.

This landmark decision aims to address the rising concerns over public safety, traffic congestion, and the preservation of vital infrastructure.

Led by the dynamic Commissioner for Environment, Mr. Tokunbo Wahab, the state government has assigned the Lagos State Environmental Sanitation Corps (commonly known as KAI) with the responsibility of ensuring strict compliance with the newly enforced environmental sanitation laws.

One of the primary reasons driving this ban is the need to curb the nefarious activities of hawkers who have increasingly resorted to disguising themselves as vendors while preying on unsuspecting motorists. These incidents of theft and robbery have not only threatened the safety of commuters but have also contributed to the disruption of traffic flow on major highways and streets.

Governor Babajide Sanwo-Olu’s administration, with its T.H.E.M.E Plus Agenda, is exhibiting a zero-tolerance approach towards street trading, hawking, and other illicit practices. By intensifying efforts to enforce these regulations, the government aims to foster a more conducive and orderly business environment while addressing the concerns of the general public.

The ban extends to the construction of illegal structures on drainage systems, as they pose significant risks to the local water management infrastructure. Additionally, the prohibition encompasses the display of wares on walkways, a practice that not only obstructs pedestrian movement but also contributes to unsightly and cluttered public spaces.

Citizens and traders are urged to cooperate fully with the Lagos State Environmental Sanitation Corps, adhering to the newly implemented regulations in order to promote a more organized and hygienic society. The government’s commitment to ensuring the health and safety of its residents remains resolute, and these measures signify a significant step towards achieving that goal.

As the Lagos State government takes proactive steps towards creating a cleaner, safer, and more sustainable urban environment, the hope is that this ban will not only elevate the quality of life for all residents but also serve as a model for other regions to follow suit.

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Marketers Urge Federal Government To Address Rising Gas Prices

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The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has urged the Federal Government to develop measures to keep gas prices stable and make it available to ordinary Nigerians.

The NALPGAM National President, Abideen Olatunbosun, made this plea during the association’s 36th annual general meeting/conference on Tuesday in Ibadan, Oyo State, with the theme “Expanding gas utilisation beyond imagination.”

He added that if nothing was done to stop the price growth, petrol will soon become a commodity for the few wealthy.

Olatunbosun said, “It is very vital for me to say that the galloping hike in the price of gas in recent times stands as a big challenge to LPG marketers. The government need to find ways to ensure the stability of gas price as well as make gas available to the common Nigerians. If nothing is done to the increase in price, gas will soon be a commodity for the few rich in our society.”

“As a country, we need to improve on our gas utilisation level. If we adopt gas, it will save our forest, improve quality of our lifestyle and the economy will grow. The hike in price of gas is a concern to all.”

In his lecture, the Guest Speaker, Prof Sunday Isehunwa of the Department of Petroluem Engineering, Faculty of Technology, University of Ibadan, identified changes in demand, changes in supply, natural gas production and consumption, changes in price and electricity pricing as some challenges facing LPG market in the country.

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