Following a directive by President Bola Tinubu removing Mr. Godwin Emefiele as the Governor of the Central Bank (CBN), operatives of the Department of State Services (DSS) have moved in and reportedly arrested the former  CBN Governor.

His arrest, it was gathered,  is sequel to investigation of the country’s apex bank carried out by the CBN which had indicted Emefiele even while former President Mugammadu Buhari ruled.

But, Emefiele was protected by Buhari which prevented the DSS from carrying out its statutory duty.

However, Friday afternoon, President Tinubu suspended Emefiele from office with immediate effect. 

According to a statement by Willie Bassey, Director, Information, who signed on behalf of the Secretary to the Government of the Federation, Emefiele wqs removed “sequel to the on-going investigation of his office and the planned reforms in the financial sector of the economy”. 

Bassey added that “Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms”. 

Meanwhile, Folashodun Adebisi Shonubi, the Deputy Governor, Operations of the CBN has taken over as the acting Governor of the apex bank.

His appointment was as a result of the removal of Mr Emefiele from office.

Folashodun is the Deputy Governor, Operations of the Central Bank of Nigeria (CBN)

He began his experience as a Consultant Engineer at Mek-ind Associates and worked from 1984 to 1989. From 1989 to 1990, he was a Marketing Executive at Inlaks Computers Limited.

He moved to Citibank Nigeria Limited as Head, Treasury Operations from 1990 to 1993. He joined Agusto & Co. Ltd as a Supervising Consultant from 1993 to 1996 from where he moved to MBC International Limited as Deputy General Manager, Banking Operations & Information Technology from 1999. 

In 1999, he joined First City Monument Bank (FCMB) Limited as Vice-President, Operations & Information Technology and was there till 2002.

In 2003, he moved from FCMB to Ecobank Nigeria Plc as an Executive Director, Operations & Information Technology and in 2007 he became the Director, Information Technology and Corporate Services, Renaissance Securities Nigeria Limited. He was recruited by Union Bank of Nigeria Limited as an Executive Director, Operations, Technology and Services, September 2009 to April 2012.

He became the Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc from May 2012 to October 2018. October 2018 to date, Mr. Folashodun is the Deputy Governor, Operations of the Central Bank of Nigeria (CBN) representing the Governor of the Central Bank of Nigeria on the Board of FIRS since the 9th of December, 2019. He is married with children.

Mr. Folashodun Adebisi was born on the 7th of March, 1962. 

He attended the University of Lagos from 1978 to 1983 and obtained a Bachelor of Science in Mechanical Engineering.

He further obtained a Master of Science in Mechanical Engineering in 1985 with bias in Production Engineering from the same University. From 1988-1989 he shifted grounds to Finance and obtained a Masters’ in Business Administration specializing in Finance.

On June 9, 2023, he became the Acting Governor of the CBN.