Central Bank of Nigeria (CBN) Deputy Governor (Operations Directorate) Folashodun Adebisi Shonubi na di new acting CBN govnor.
Im appointment come afta President Bola Tinubu suspend Godwin Emefiele wey don occupy di position for almost nine years.
Di Office of di Secretary to di Goment of di Federation wey announce im suspension for one statement say oga Shonubi go act as di CBN govnor wit immediate pending di conclusion of di investigation dem dey carry out for im office.
Di Nigeria leader on Friday 9 June bin suspend Godwin Emefiele and according to di statement, di suspension dey come sake of di ongoing investigation of im office and plan dem get to reform Nigeria financial sector.
Emefiele bin don dey in di eye of di storm for months now afta di ‘new naira note policy’ dem launch just before di general elections for February cause kasala and lead to economic hardship for citizens as a result of naira scarcity.
However, tori bin go round say officials of State Security Service bin arrest oga Emefiele afta im suspension.
However, di kontri secret police afta several calls and messages tweet say “Currently, Emefiele no dey wit di DSS.”
Di new acting govnor of di CBN, Shonubi don dey di deputy govnor role since October 2018, according to di website of the Federal Inland Revenue Service (FIRS), Shonubi don represent di CBN govnor on di FIRS Board since December 9, 2019.
Highlights of Godwin Emefiele as CBN govnor
Di suspended Apex bank govnor assume office for 3 June 2014 as di 10th indigenous govnor of di financial regulatory institution.
E take ova from Lamido Sanusi, wey former President Goodluck Jonathan bin also suspend from office under controversial circumstances few months before im tenure end.
Oga Emefiele for di maiden world press conference wey e do wen e enta office, unveil im 10-point agenda for di CBN and di financial sector. E say im vision na to create “a Central Bank wey dey professional, a central bank wey dey apolitical, and people-focused.
According to him, im and im team go work hard to develop a Central Bank wey dey devoted to building a resilient financial system wey fit serve di growth and development needs of Nigeria.
Di 10 point agenda include:
- Pursue a gradual reduction in key interest rates, and include the unemployment rate in monetary policy decisions;
- Maintain exchange rate stability and aggressively shore up foreign exchange reserves;
- Strengthen risk-based supervision mechanism of Nigerian banks to ensure overall health and banking system stability;
- Build sector-specific expertise for banking supervision to reflect loan concentration of di banking industry;
- In view of inadequate trigger thresholds from a macro-prudential perspective, consider and announce measures to effectively address dis anomaly;
- Cancel fees wey dey associated wit limits on deposits and reconsider ongoing practice in which all fees associated wit limits on withdrawals accrue to banks alone;
- Introduce a broad spectrum of financial instruments to boost specific enterprise areas for agriculture, manufacturing, health, and oil and gas;
- Establish Secured Transaction and National Collateral Registry as well as establish a National Credit Scoring System wey go improve access to information on borrowers and assist lenders to make good credit decisions;
- Build resilient financial infrastructure wey go serve di needs of di lower end of di market, especially those wey no get collateral;
- Renew vigorous advocacy for di creation of commercial courts for quick adjudications on loan and related offences.
Anchor Borrowers Programme
Godwin as di CBN govnor bin initiate di Anchor Borrowers’ Programme (ABP) wey di former President Muhammadu Buhari bin launch for November 2015.
According to di CBN, di programme don trigger revolution for di value chains of selected crops, especially rice. Dis development make Nigeria comot from say e dey import rice to become major producer and supplier of rice to key markets for neighbouring countries.
Investors and Exporters (I&E) window
Under im administration, di Bank also establish di Investors and Exporters (I&E) window, wey go allow investors and exporters to purchase and sell foreign exchange for di prevailing market rate.
Di Central Bank of Nigeria bin launch eNaira website wey be di kontri first digital currency platform.
CBN say eNaira go provide “unique form of money wey dey denominated in Naira”.
Dis one mean say as legal tender, pesin fit use di digital form of di Naira like cash to buy things.
Naira redesign policy
Part of im policy wey attract plenty reactions na di Naira design policy. For di last quarter of 2022, di CBN bin introduce di naira redesign policy wey make pipo protest and e lead to violence for some parts of di kontri.
Di policy na di introduction of new naira notes of N1000, N500 and N200 in a bid to take out di old currency in those values out of circulation. But di plan no go smoothly.
President Bola Tinubu wey be di candidate of di All Progressives Congress APC during di 2023 general elections bin bin claim say di policy wey di CBN implement, like di restriction on cash withdrawals to N20,000 per day and N100,000 per week, na deliberate attempt to hinder im chances of winning di presidential election.
In defence of di policy den, Emefiele bin say CBN dey face problem wit di management of di current series of banknotes wey dey circulation, especially di ones wey dey outside di banking system for Nigeria.
E say currency management na key legal function of di bank, wey dey for Section 2 (b) of di CBN Act 2007.
Emefiele say one of di challenges dem dey face na say members of di public dey hoard banknotes.
E say data don show say ova 80 percent of di naira note wey dey for circulation dey outside di vaults of commercial banks.
Anoda challenge na say dirty and unfit banknotes dey for circulation and dis one dey give CBN bad image and e dey increase risk of financial instability.
CBN also tok say di currency wey dey for circulation dey increase risk of fake notes.
“For recent years, di CBN don record significantly higher rates of counterfeit especially for di higher denomination of ₦500 and ₦1000 banknotes,” Emefiele tok.
E say according to global best practice, central banks suppose dey redesign, produce and circulate new currency every 5-8 years, but CBN neva redesign di naira for di past 20 years.
But govnors, politicians and many odas bin criticise di policy and timeframe of implementation dat time sotay di mata land court wen some govnors wey Kaduna state Govnor den, Nasir El-Rufai lead take am to Supreme Court.
Supreme Court bin later rule say make everybody maintain status quo.
Afta plenti silence and dragging leg, Former President Muhammadu Buhari later tok say make di old and new naira notes flow togeda.
Emefiele court matter
For December 2022, di State Security Service (SSS) bin allege say Emefiele dey finance terrorism, among oda allegations.
Tori comot say di Nigeria secret police bin secretly request one court order to arrest am on top allegations of “financing terrorism, fraudulent activities, plus economic crimes of national security dimension.”
Di Federal High Court for Abuja however reject di request becos di secret security unit fail to present sufficient evidence to justify why dem go issue an arrest warrant against oga Emefiele.
Di DSS dat time bin explain say wetin dem dey do na to investigate matter wey concern national security.
Dem also say dem dey always discharge do dia work in di interest of Nigerians.
Peter Afunanya, toktok pesin of DSS for statement e issue say some pipo dey use “propaganda” to spoil dia work.
“Di Service go kontinu to broadcast actionable intelligence to di relevant authorities devoid of any sentiment.
“While professionally discharging our mandate, di DSS pledge to remain focused and unbiased.
“We no go succumb to propaganda, intimidation and di desperation of hirelings to undermine it.
“We no go also give room to di use of falsehood and deceit to misdirect public understanding and perceptions of issues of national importance,” e tok.
Wetin di CBN Act tok on di suspension of di CBN govnor
According to di CBN Act, di goment dey prohibited from firing di govnor or members of its Board but e get di right to appoint dem wit approval from both houses of di National Assembly.
Di CBN Act add say criminal offences and mental health conditions fit lead to di termination of di appointment of di CBN govnor.
“Di govnor, deputy governor or director go cease to hold office for di bank if e become of unsound mind, sake of ill health, e no dey capable of carrying out im duties, e dey convicted of any criminal offence by a court of competent jurisdiction, except for traffic offences or contempt proceedings arising for connection wit di execution, or intended execution of any power or duty conferred under dis Act or di Banks plus Other Financial Institutions Act.” Di CBN act states.
Di president fit also remove di govnor if e dey “guilty of a serious misconduct in relation to im duties under dis act, disqualified or suspended from practising im profession for Nigeria by order of a competent authority made in respect of im personally; if e become broke.”
Di CBN act also give di presidency power to terminate di appointment of di CBN governor, but e dey dependent on lawmakers’ backing.
“Di president fit remove di CBN governor provided di removal dey supported by two-third majority of di Senate,” di Act add.
‘Emefiele no dey us’, DSS
Nigeria secret police, Department of States Services (DSS) say di suspended CBN govnor no dey dia custody.
Di security agency come out wit di clarification afta tori spread say dem don arrest di former CBN oga.
Currently, Emefiele is not with the DSS.
— Department of State Services (DSS) (@OfficialDSSNG) June 10, 2023
Who be Folashodun Shonubi – Di new acting CBN govnor
According to details of im profile on di CBN website, oga Shonubi don dey work as di Apex Bank Deputy Governor (Operations Directorate) since 17 October, 2018.
Di new apex bank acting govnor get Master’s Degree for Business Administration from di University of Lagos. He also get anoda Master’s degree for Mechanical Engineering from di same institution.
E dey described as a resourceful banker wit ova 30 years of professional experience.
Before e dey appointed Deputy Govnor for di Central Bank of Nigeria, e be di Managing Director/CEO of di Nigeria Inter-Bank Settlement System PLC from 2012 to 2018.
Before then, Oga Shonubi bin serve as di Executive Director, Information Technology and Operations for Union Bank of Nigeria Plc. Na also board member of Union Homes and Director, Information Technology and Corporate Services at Renaissance Securities Nigeria Limited, wit responsibility for di Group IT infrastructure for Africa
Between 1999 and 2007, e work for MBC International as Deputy General Manager and e supervise dia IT operational platforms, e also work for First City Monument Bank Limited as Vice President and for Ecobank Nigeria Limited as Executive Director.
Oga Shonubi bin also work wit Citibank Nigeria Limited as dia Head, Treasury Operations (1990-1993).
E don also serve on a number of sub-committees of di Bankers Committee, wey include Ethics and Professionalism sub-committee.
Dem born am on 7th of March, 1962.