Ernest Shonekan

Chief Ernest Adegunle Oladeinde Shonekan (born 9 May 1936) is a Nigerian statesman, lawyer and businessman who was appointed the interim president of Nigeria by general Ibrahim Babangida on 26 August 1993.

Chief

Ernest Shonekan
9th President of Nigeria
In office
26 August 1993 – 17 November 1993
Preceded byIbrahim Babangida (Military)
Succeeded bySani Abacha (Military)
Head of Government of Nigeria
In office
2 January 1993 – 26 August 1993
PresidentIbrahim Babangida
Vice PresidentAugustus Aikhomu
Preceded byIbrahim Babangida
Succeeded by Interim National Government
Personal details
Born (1936-05-09) 9 May 1936
Lagos, Western Region,
British Nigeria
(now Lagos, Nigeria)
NationalityNigerian
Political partyIndependent
Spouse(s)Margaret Shonekan
Alma materUniversity of London
Harvard Business School
ProfessionLawyer and businessman

Prior to his political career, Chief Shonekan was the chair and chief executive of the United African Company of Nigeria, a large Nigerian conglomerate, which at the time was the largest African-controlled company in Sub-Saharan Africa.[1] In addition to a variety of other chieftaincy titles, he holds that of the Abese of Egbaland.[2]

Early life

Shonekan was born on 9 May 1936 in Lagos. The son of an Abeokuta-born civil servant, he was one of six children born into the family.

Education

Shonekan was educated at C.M.S Grammar School and Igbobi College. He received a law degree from the University of London, and was called to the bar. He later attended Harvard Business School.[3]

Career

In 1964, Shonekan joined the United Africa Company of Nigeria. He rose through the ranks in the company and was promoted to the position of assistant legal adviser. He later became a deputy adviser and joined the board. In 1980, he was made chairman and chief executive. Shonekan cultivated a wide array of business and political connections. Shonekan served as an Executive for the Royal Dutch Shell Company while acting as the interim president of Nigeria.[4]

Head of Transitional Council

On 2 January 1993, Shonekan assumed office as the head of transitional council and head of government under General Babangida. At the time, the transitional council was designed to be the final phase leading to a scheduled hand over to an elected democratic leader.

Shonekan learned of the dire condition of government finances, which he was unable to correct. The 1993 budget was pegged to include a 28 billion naira deficit with little money left in its foreign reserves. The government was hard pressed on debt obligations and had to hold constant talks for debt rescheduling. Babangida's Armed Forces Ruling Council had designed a realistic two-year economic program. The program's outline called for reducing the petrol subsidy, to bring in 65 billion naira to government coffers. A modification of VAT was also introduced and a plan to inculcate fiscal discipline.

In August 1993, Babangida resigned from office, following the annulment of the 12 June elections. He signed a decree establishing the Interim National Government led by Shonekan. Babangida made the interim government weak by placing it under the control of the military.

Presidency

Economy

Shonekan had lobbied for debt cancellation but, after the election annulment, most of the Western powers had imposed economic sanctions on Nigeria. Inflation was uncontrollable and most non-oil foreign investment disappeared. The government also initiated an audit of the accounts of NNPC, the oil giant,[5] an organisation that had many operational inefficiencies.

Political crisis

Shonekan was unable to control the political crisis which ensued following the election annulment. During his few months in power, he tried to create a new timetable for democratic return, while his government was hampered by a national workers' strike. Opposition leader Moshood Abiola, viewed Shonekan's interim government as illegitimate.

Democratisation

Shonekan released political prisoners detained by Babangida. Shonekan's administration introduced a bill to repeal three major draconian decrees of the military government.

Military

Shonekan tried to set a timetable for troop withdrawal from ECOMOG's peacekeeping mission in Liberia. General Sani Abacha, was the minister of defence and chief of defence staff who had full control over the military. In November 1993, three months into his administration, Shonekan was overthrown in palace coup by Abacha.[6]

Personal life

Shonekan is married to Margaret Shonekan.

See also

Notes
  1. "Stronger Moves Towards Manufacturing", Financial Times (London, England), 3 March 1986
  2. "40 Egba chiefs we hardly talk about". citypeopleonline.com. Retrieved 30 December 2020.
  3. Latestnigeriannews. "Ernest Shonekan Celebrates His 84th Birthday Today". Latest Nigerian News. Retrieved 30 May 2020.
  4. https://www.theguardian.com/business/2010/dec/08/wikileaks-cables-shell-nigeria-spying
  5. "Government Probes Oil Industry Corruption", The Associated Press, 16 September 1993
  6. Agence France Presse, --Full cabinet list of interim government-- English, 26 August 1993

References
  • "Military swears in transitional government", Agence France Presse—English, 4 January 1993
  • "Nigeria prepares medium-term plan", Financial Times (London, England), 28 January 1993
  • "NIGERIA: HARD ROAD AHEAD FOR INTERIM GOVERNMENT", IPS-Inter Press Service, 26 August 1993
Political offices
Preceded by
Ibrahim Babangida		 Interim Head of State of Nigeria
26 August 1993 – 17 November 1993		 Succeeded by
Sani Abacha
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