When Democracy returned to Nigeria in 1999, Shonubi took up the position of Vice-President, Operations and Information Technology at the First City Monument Bank (FCMB). He later moved to Ecobank Nigeria Plc, where he served as Executive Director, Operations and Information Technology.
He joined the services of Union Bank of Nigeria Ltd in 2009 and remained there till 2012. Shonubi was also the director, information technology and corporate services at Renaissance Securities Nigeria Ltd.
After he left Union Bank, Shonubi got appointed as Managing Director/Chief Executive Officer of the Nigeria Inter-Bank Settlement System (NIBSS).
Five years ago he joined CBN as Deputy Governor, Operations Directorate. He joined the bank precisely on October 17, 2018.
Before Shonubi was appointed as acting Governor of CBN, some presidential sources said sacking Emefiele was considered legally complicated because of the CBN law which empowers only the senate to remove the governor by two-thirds majority.
By law, one of the deputies must complete Emefiele’s tenure which expires in May 2024. The Central Bank has four deputy governors but Shonubi was considered above Aishah Ahmed, Edward Adamu, and Kingsley Obiora.
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