Profile: Thompson Oludare Sunday — New MD/CEO of NDIC, A Veteran in Banking Regulation

Thompson Oludare Sunday is a highly accomplished financial expert with a robust career spanning over 30 years in banking regulation and supervision. Following his nomination by President Bola Ahmed Tinubu and confirmation by the Senate, he was appointed the Managing Director/Chief Executive Officer of the Nigeria Deposit Insurance Corporation (NDIC) on Friday, July 25, 2025. 

Thompson built the foundation of his extensive expertise during 24 unbroken years in banking supervision at the Central Bank of Nigeria (CBN), which he joined in 1989. His deep supervisory experience covers: Corporate Governance; Risk Management and  Compliance

These skills were essential in his commitment to ensuring the safety and soundness of licensed financial institutions. He is recognized as a highly analytical and cross-functional team worker dedicated to building institutional capacity.

Key Regulatory and Policy Contributions

Thompson was a pivotal figure in several major policy and reform initiatives that shaped Nigeria’s banking landscape:

BOFIA 2020: He served as the Chairman of the CBN-wide Committee that reviewed and drafted the Banks and Other Financial Institutions Act, LFN 2004, which ultimately led to the enactment of BOFIA 2020.

Banking Reforms: He was heavily involved in the Banking Sector Consolidation (2004–2005) and the Banking Sector Reform (2009).

Policy Development: He anchored the development of critical frameworks, including the Guidelines for Consolidation in the Banking Industry, the Code of Corporate Governance, and the Framework for the Regulation and Supervision of Domestic Systemically Important Banks.

International Collaboration: He served as a member of the Expert Committee for the Harmonisation of Risk-Based Supervision Frameworks for the West Africa Monetary Zone.

Thompson retired from the CBN as a Director in November 2021. Prior to his NDIC appointment, he represented the CBN as an Independent External Examiner on the Board and Executive Management Team of Heritage Bank from February 2023 to January 2024.

Academic Prowess and Recognition

Thompson's academic background is marked by excellence:

Ahmadu Bello University (ABU), Zaria: He graduated in 1985 with a First Class Honours in Business Administration (Finance) and secured a Master of Business Administration (MBA) from the same institution in 1988.

Doctorate: He holds a Doctorate Degree in Management from St. Clements University (2009).

His academic achievements earned him the Federal Government of Nigeria Merit Award for Academic Excellence (1985) and the Prize for Best Graduating Student of Business Administration from ABU, Zaria, also in 1985.

Throughout his career, his work received high-level recognition, including being named the Best Staff of the Banking Supervision Department in 2001 and receiving a Letter of Commendation from the CBN Board of Directors in 2009 for his outstanding performance during the Banking Sector Reforms.