Mr Folashodun Adebisi Shonubi, who was appointed as Acting Governor of the Central Bank of Nigeria by President Bola Ahmed Tinubu was picked ahead of two Deputy Governors who were his seniors.
In fact, Shonubu was until the appointment Number Three out of the Four Deputy Governors of the CBN.
The Deputy Governors heads the Financial System Stability, Corporate Services, Operations and Economic Policy Directorates.
Records shows that among the executive members of CBN Board of Directors, Godwin Emefiele served from as Governor and chairman from Tuesday, June 03, 2014 – Friday June 09, 2023, the day he was removed by President Tinubu via a statement by Willie Bassey, Director, Information For: Secretary to the Government of the Federation.
Other members of the executive board in order of seniority include Mrs Aisha N. Ahmad (Deputy Governor, Financial System Stability Directorate – Friday, March 23, 2018 – To Date); Mr Edward L. Adamu (Deputy Governor, Corporate Services Directorate – Friday, March 23, 2018 – To Date); Mr Folashodun Adebisi Shonubi (Deputy Governor, Operations Directorate – Wednesday, October 17, 2018 – To Date) and Dr Kingsley Obiora (Deputy Governor, Economic Policy Directorate – Monday, March 02, 2020 – To Date).
In the statement suspending Emefiele , President Tinubu made it clear that he was picking Shonubi, stating: “Mr 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.”
The statement was not clear on the status of Mrs Aisha Ahmad and Edward Adamu but a source said that the duo are expected to leave the services of the CBN as they cannot serve under their junior.
The source noted that Dr Obiora is expected to remain during the duration of the investigations on Emefiele and the expected reforms to the CBN as the President has not made up his mind on whether he is going to stay or remain in the apex bank.