Tinubu replaces Emefiele with Shonubi

President Bola Tinubu on Friday evening ordered the suspension of the Central Bank Governor, Godwin Emefiele, from office with immediate effect.

The president has also directed that Emefiele hand over to the Deputy Governor (Operations Directorate), Folashodun Adebisi Shonubi.

In a statement signed by the director of information at the office of the Secretary to the Government of the Federation, Willie Bassey, Shonubi said she will act as the CBN pending the conclusion of the investigation and the reforms.

Prior to his appointment as Deputy Governor in the Central Bank of Nigeria, Shonubi was the Managing Director and CEO of the Nigeria Inter-Bank Settlement System PLC from 2012 to 2018.

Before his stint at the NIBSS, Shonubi was Executive Director, Information Technology and Operations at Union Bank of Nigeria Plc; a member of the Board of Union Homes; and Director, Information Technology and Corporate Services at Renaissance Securities Nigeria Limited, with responsibility for the Group’s IT infrastructure in Africa.

There have been speculations in the financial sector on the fate of Emefiele after the swearing-in of Tinubu as a result of the role the ex-CBN government played in the currency reform, which was said to have been targeted at preventing Tinubu from becoming president.

The naira’s redesigned policy led to a scarcity of cash ahead of the 2023 general election, with many believing it was programmed to prevent vote-buying.