Folashodun Adebisi Shonubi, CBN Deputy Governor of Operations, is the acting CBN Governor. He has been a Deputy Governor for nearly five years. 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 proceeded to study for an MSc in the same field at the same university, becoming a consultant engineer at Mek-ind Associates from 1984 to 1989.
He changed his focus and moved into Financing after an MBA, while remaining in another love of his: infotech.
Shonubi served in First City Monument Bank (FCMB) Limited as Vice – President and in Ecobank Nigeria Limited as Executive Director before joining the apex bank.
He has served on several sub-committees of the Bankers’ Committee, including the Ethics and Professionalism sub-committee. He also represents the CBN on the board of FIRS.
This is the second time since 1999 that a CBN governor has been suspended from office.
In 2014, former President Goodluck Jonathan suspended the former CBN Governor, Sanusi Lamido Sanusi. Sanusi went on to become the Emir of Kano, before again been removed from the exalted position. He never returned as CBN Governor until his term of office ran out.
A huge debate is on on whether a President has the power to suspend a CBN governor as has been done by Jonathan, and now Tinubu.
But Section 11 of the Central Bank Act 2007 stipulates the conditions the apex bank governor to be sent packing, without any mention of how he can suspended from office, though two presidents have now laid the precedent.
The Act stipulates the president has the power to terminate the appointment of a central bank governor if he gets the two-thirds majority of the Senate or if he is convicted of a criminal offence by a court of competent jurisdiction.
Says the Act, “The Governor, Deputy Governor or Director shall cease to hold office in the Bank if he becomes of unsound mind or, owing to ill health, is incapable of carrying out his duties: is convicted of any criminal offence by a court of competent jurisdiction except for traffic offences or contempt proceedings arising in connection with the execution or intended execution of any power or duty conferred under this Act or the Banks and Other Financial Institutions Act.”
The Governor can also be removed if he “is guilty of a serious misconduct about his duties under this Act; disqualified or suspended from practicing his profession in Nigeria by order of a competent authority made in respect of him personally; Becomes bankrupt.”
The CBN Act also gives the Presidency power to terminate the appointment of the CBN but it is dependent on lawmakers’ backing.
“The CBN Governor can be removed by the President, provided that the removal of the Governor shall be supported by a two-thirds majority of the Senate praying that he be so removed.”
On social media, conspiracy theorists are having a field day coming up with reasons why Tinubu followed Jonathan’s leading. Many remember the Naira redesign policy which almost a spanner in the works of plans to oil the 2023 elections.
It took some state governors, claiming to act on behalf of Nigerians to rush through a Supreme Court overruling of a presidential order on the redesign of the Naira.
Many insist that Tinubu has not forgotten the sin, but the coming days will tell if Emefiele will be able to unknot the noose around his neck, even as the Department of State Services (DSS), that is holding him, will take its pound of flesh on him.
The DSS, it would be recalled, had gone to court asking to arrest and detain Emefiele for question over terrorism-related offences; but the court said, no, and the bank chief appeared backed by other security Chiefs as he arrived from holidays abroad about eight weeks before the Presidential Election last February.
It was rumoured that he contemplated fleeing the country under the guise of further studies, just as the immediate past President, Muhammadu Buhari, was ending his tenure, but the rumour was denied by the CBN then.
