Adebisi Shonubi has been appointed the new Acting CBN Governor, brings a strong educational background and extensive experience in the banking sector
Shonubi was considered for the role by President Tinubu among four deputy governors that include Aishah Ahmed, Edward Adamu, and Kingsley Obiora
By law, one of the deputies must complete Emefiele’s tenure, which was expected to expire on May 2024
Folashodun Adebisi Shonubi has assumed the role of Acting Governor of the Central Bank of Nigeria (CBN) following the suspension of Godwin Emefiele.
His appointment was confirmed on Friday, June 9, 2023, less than a week after President Bola Tinubu met with Godwin Emefiele in Aso Rock.
In a swift transition, the suspended Emefiele was instructed by the office of the Secretary to the Government of the Federation (SGF) to hand over the reins to Shonubi with immediate effect.
Shonubi is now positioned to play a pivotal role in steering the nation’s monetary policy in the new administration.
The Journey of Shonubi to CBN Governor role
Before his appointment as acting head of CBN, Shonubi occupied the position of Deputy Governor in the Operations Directorate.
He assumed the position in June 2018 after the approval of former president Muhammadu Buhari.
He brings his wealth of experience and expertise to the role, having held positions such as the Managing Director and CEO of the Nigeria Inter-Bank Settlement System PLC, where he played a key role in developing the Bank Verification Number (BVN).
Educational Background and Professional Career
Shonubi is an accomplished professional, holding double Master’s degrees in Business Administration and Mechanical Engineering from the prestigious University of Lagos.
His educational background reflects a multidisciplinary approach to problem-solving, which has undoubtedly contributed to his success in the banking sector for over 30 years.
Aside from working in the public service, Shonubi’s previous positions include Executive Director of Information Technology and Operations at Union Bank of Nigeria Plc, where he also served on the Board of Union Homes.
He has also held roles as Director of Information Technology and Corporate Services at Renaissance Securities Nigeria Limited, overseeing the group’s IT infrastructure in Africa.
During his career, Shonubi has served in various managerial capacities, including Deputy General Manager at MBC International, Vice President at First City Monument Bank Limited, Executive Director at Ecobank Nigeria Limited, and Head of Treasury Operations at Citibank Nigeria Limited.
BREAKING: Jubilation across Nigeria as BUA Reduces Price Of Cement To N3,500
One of the major companies in Nigeria, BUA Group , has announced a reduction of ex-factory cement price to N3,500 per bag.
The company, which made this known in a statement on Sunday, said the reduction will take effect from 2 October, 2023.
The statement titled : ‘BUA Cement reduces ex-factory cement prices to N3,500/bag effective October 2, 2023’, reads in full :
“We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.
Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.
NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance
Activate state police, politicians will become terrorists target – Primate Ayodele to Tinubu
The leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has advised President Tinubu to activate state police to combat insecurity in the country.
Primate Ayodele revealed that the rate of insecurity will be alarming, adding that the existing security operatives will not be able to handle it, hence the need for state police.
In a statement signed by his spokesman, Oluwatosin Osho, Ayodele mentioned that more hands are needed, and state police will be very effective in this area.
He stated that terrorists will soon start targeting politicians for attacks, and it will get to a point where they will start walking and moving with fear.
According to Ayodele, the government should activate CCTV in sensitive areas to effectively combat insecurity.
He said, “The government should introduce state police and activate it as soon as possible to combat insecurity in the country.
“The rate of insecurity will be alarming, and the military, police, DSS, and NSCDC will not be able to handle it.
‘’The government should activate CCTV cameras to fight insecurity. We need more hands to fight it; it will get to a point where politicians will be moving with panic and fear.
“They will become targets of terrorists; there will be kidnappings among them.”
Who is the new CBN Governor? Unveiling Yemi Cardoso: The Citibank Prodigy And Financial Genius Behind Lagos’ Tax Revolution!
In the buzzing financial district of Lagos, Yemi Cardoso’s name is whispered with a mix of respect, admiration, and perhaps a dash of envy. Today, as the entire country turns its eyes towards the Central Bank of Nigeria (CBN), the question on everyone’s lips is, “Who is the new CBN Governor?” We delve into the life and legacy of Yemi Cardoso, the man now at the helm of Nigeria’s financial future.
Born to a modest family, Yemi’s early life gave little indication of the powerhouse he would become. However, a relentless pursuit of education and an intrinsic passion for finance would set him on a meteoric rise. Starting his illustrious banking career with Citibank, Cardoso swiftly climbed the corporate ladder. His innate understanding of banking intricacies and a knack for strategic planning saw him rise to the esteemed position of Vice President. But the ambitious Cardoso didn’t stop there. He took a bold leap, co-founding Citizens International Bank, and for eight defining years, played a pivotal role as an Executive Director.
Yet, banking wasn’t the only domain where Cardoso left an indelible mark. He answered the call of public service, becoming the first Commissioner for Economic Planning and Budget for Lagos State. It was under his visionary leadership that Lagos underwent a pivotal financial reform, developing its own robust independent tax revenues. This wasn’t just a bureaucratic change – it was a revolution that altered the fiscal landscape of Lagos forever.
But who is Yemi Cardoso, the man behind the accolades and achievements? Beyond the corporate meetings and policy discussions, Cardoso has been a vital consultant and policy expert, aligning with major global development giants like the World Bank, UN Habitat, and even the Bill and Melinda Gates foundation. His expertise has shaped policies and development strategies, making him a revered name on global platforms.
Yet, for all his achievements, Cardoso remains grounded. A recipient of several awards, including a coveted honorary Doctorate Degree from Aston University, his alma mater, and the Global Distinguished Alumni award from Citi, he remains deeply connected to his roots. His Masters in Public Administration from the prestigious Harvard Kennedy School, where he was a celebrated Mason Fellow, is a testament to his commitment to public service and excellence.
As Nigeria stands on the cusp of a new financial era, the appointment of Yemi Cardoso as the CBN Governor isn’t just a political move; it’s a statement. A statement that Nigeria is ready to merge global financial strategies with homegrown expertise. With Cardoso steering the ship, the future of Nigeria’s financial landscape certainly seems promising
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