Draft:Mustapha Abiodun Akinkunmi

Dr. Mustapha Abiodun Akinkunmi (born 1st January 1964) is a Financial Economist, Development Economist, Author and Technology Strategist. He served briefly as the Honorable Commissioner for Finance, Lagos State, Nigeria. He is an Associate Professor of Finance at the American University of Nigeria, Yola, Nigeria; he sits on the Board of Global Credit Rating Company Limited (GCR Nigeria) - Recently acquired by Moody’s Corporation and is a Director at Brickfield Road Associates Limited – A Data Science Firm. He has over 25 years of experience in estimation, planning and forecasting using statistical and econometric methods, with particular expertise In Risk, Expected Utility, Discounting, Binomial Tree Valuation Methods, Financial Econometrics Models, Monte Carlo Simulations, Macroeconomics, and Exchange Rate Modeling.

Early Life
Dr. Akinkunmi was born 1st January 1964 on Brickfield Road, Ebute Metta, Lagos, Nigeria. His parents brought him up in a very strict Islamic and disciplinary environment. His father, Mr. M K Gbaja-Biamila, a legal practitioner, was the third Finance Commissioner in the history of Lagos state, serving between 1977 to 1978. Theirs is the only family to produce a father and son as Commissioners of Finance in Lagos State.

Growing up in Lagos in the sixties, the young Akinkunmi set his mind to pursuing academic excellence, a determination which saw him attain leadership positions in primary and secondary schools by virtue of his intellectual prowess.

Education
Dr. Akinkunmi attended Mount Carmel Nursery School, Ebute-Metta, Lagos for nursery school; the Holy Cross Catholic School, Lagos-Island for Elementary School, and the Methodist Boys' High School for Secondary School.

Subsequently, he enrolled at the Newman Preparatory School, Boston, MA, USA, now The Newman School, and earned a Bachelor of Science and Master of Science in Computer Science from New York Institute of Technology, Old Westbury, New York, USA. He then earned is Master of Arts and Doctoral in Economics from the Fordham University, New York, USA.

Career
Dr. Akinkunmi has been in high profile positions as a Consultant, Financial Advisor, Project Manager and Business Strategist to AT&T (Bell Labs), Salomon Brothers, Goldman Sachs, Phibro Energy, First Boston (Credit Suisse First Boston), World Bank and Central Bank of Nigeria. He has done extensive software development on quantitative analysis of capital markets, revenue and payment gateway, predictive analytics, data science and credit risk management. He has a record of success in identifying and implementing change management programs and institutional development initiatives in both public and private sector organizations.

Furthermore, as a cultured academic, he has conducted teaching and applied research in areas that include analysis of expenditure patterns, corporate finance, financial economics, and exchange rate modeling for the Manhattan College, Fordham University and American University of Nigeria,, Yola, Nigeria.

In 1990, he founded Technology Solutions Incorporated (TSI) in New York, which focused on data science and software application development for major financial service institutions. After ten years of successful operations and rapid growth under his leadership, TSI was acquired by a publicly traded technology company based in the United States of America in a value-creating transaction Dr Akinkunmi is currently an Associate Professor of Finance & Economics at the American University of Nigeria, Yola, Nigeria and Executive Vice Chairman at Funds & Electronic Transfer Limited ‘fets’ (Licensed by Central Bank of Nigeria)

The Lagos Experience
A bold reformer, as Honorable Commissioner for Finance for Lagos State, Nigeria, Dr Akinkunmi oversaw the successful implementation of the Treasury Single Account, resulting in enhanced transparency and efficiency that immediately realized savings of US$30 million for the State; at the time Lagos State had incurred immense debt and as part of his cost savings strategy.



He successfully re-engineered the State’s debt portfolio by negotiating various restructurings and refinancing with creditors resulting in increased borrowing capacity and cash flow available to the State, including the restructuring of LASG Series II Bonds from bullet payment to amortizing payment resulting in savings of N40 billion over the next 4 years and reducing debt service contributions to the dedicated Sinking Fund from the State’s Internally Generated Revenue.

With his background in financial economics, Dr Akinkunmi devised means to restructure and reposition ailing companies managing the State’s tolling assets and pooled the cashflows in an SPV off the back of which the State was able to raise up to US$140 million while Masterminding the integration of a comprehensive Waste Management Policy into existing tax structures, creating fiscal space for funding the initiative by streamlining multiple taxations.

All this he achieved in just one year in office. He was forced out due to “internal wrangling in Ambode’s cabinet”. His work ethic and records remain intact and unmatched.

Family
Mustapha Abiodun Akinkunmi was born in Lagos State, Nigeria. His father, Mustapha Kehinde Gbaja-Biamila (17th November 1928 – August 3rd August 2018) was a legal practitioner in Lagos State, Nigeria who also served in various roles in Lagos State, first as a member of Lagos Town Council and as the Commissioner for Local Government & Chieftaincy Affairs, Commissioner of Finance and Commissioner for Sports & Youth Development in the cabinet of the military Governor of Lagos State, Captain Adekunle Lawal. He died on 3rd August, 2018. My uncle,Alhaji M K Gbaja Biamila,lawyer,passed away this morn at 89.Burial is later today at 4pm at Okesuna cemetary lagos.May he RIP Aug 3, 2018

His Mother, Josephine Kehinde Gbaja-Biamila (nee Lawson) was born on 19th March 1941 into the Lawson Godometo Royal Family of Aneho, Togo. She was a civil servant with the Nigerian Ports Authority.

Siblings and Other Family Members

 * Justice Oluyinka Gbajabiamila (RtD Judge of Lagos State High Court) Born on October 28th 1956
 * Taslim Olumide Gbajabiamila, Legal Practitioner in the United Kingdom Born on January 31st 1967
 * Abdul Rahman Olubukola Gbajabiamila, Civil Servant with Lagos State Government Born on November 12th 1969
 * Ahmed Olukayode Gbajabiamila, Medical Doctor in United Kingdom Born on April 11 1971
 * Abdul Lateef Ayodele Gbajabiamila, Civil Servant in the United Kingdom Born on March 1st 1972
 * Mustapha Kofoworola Gbajabiamila, Legal Practitioner in the United Kingdom Born on May 14th 1981

Dr. Akinkunmi is a cousin to the Speaker of the House of Representatives of Nigeria, Mr. Femi Gbajabiamila.

Spouse and Children
Dr. Akinkunmi is currently unmarried and has two children from previous marriages.

Professional life
With experience in extensive software development on quantitative analysis of capital markets, revenue and payment gateways, predictive analytics, data science and credit risk management, he has a history of recorded private and public sector successes in identifying and implementing change management programs and institutional development initiatives.

Dr. Akinkunmi has held and still currently holds some of the positions.
 * Non-Executive Director, Allied Foods (Franchisee of Burger King in Nigeria), 6/2022 – Present
 * Non-Executive Director, Wow Creamery (Subsidiary of Iceberry), 7/2022 – Present
 * Non-Executive Director, Moody’s Group / GCR Credit Rating Company, 12/2021 – Present
 * Non-Executive Director, Dane Investments Limited, 2/2019 – Present
 * Executive Vice Chairman Funds & Electronic Transfer Limited (fets), 3/2019 – Present
 * Associate Professor of Finance and Economics, America University of Nigeria, 2008 – Present. 8th Commencement Speaker in honour of the Class of 2015
 * Director of African Development & Integration at Centre for International Policy Studies at Fordham University (CIPS), NY, NY. 2016 - 2018
 * Honourable Commissioner of Finance for Lagos State, 2015 – 2016
 * Chief Economist / CEO, Brickfield Road Associates Limited Nig (BRA Limited) 2005 – 2015
 * CEO of Information Interconnectivity Solutions Limited (ICSL) 2014 - 2015
 * President / CEO Technology Solutions, NYC 1990 -2003
 * Analyst, Salomon Brothers 1989 – 1990
 * Programmer, AT&T 1988 – 1989

Books

 * Introduction to Strategic Financial Management, with Erick Rengifo and Emre Ozsoz, May 2013. ISBN Number 978-193891146
 * Data Mining and Market Intelligence: Implications for Decision Making. Morgan & Claypool Publishers, June 2018
 * Central Bank Balance Sheet and Real Business Cycle. Ge|G Press, an imprint of Walter de Gruyter, Inc., August 2018
 * Business Statistics with Solutions in R, Ge|G Press, an imprint of Walter de Gruyter, Inc., October 2019

Articles and Publications

 * Reinvestigating the Co-Movements Between Stock Market and Exchange Rates: An Augmented Vector Autoregression Analysis, with Saheed Bello. The Economics and Finance Letters, 2022, 9(1), pp.40-48


 * Is Inflation a Growth Killer? Evidence from Sub-Sahara Africa. NESG Economic and Policy Review Journal, 2017, 16(2), pages 1-11


 * Causal Mechanism of Financial Stability in Sub-Saharan Africa. International Journal of Applied Economic Studies, 2017, 5(6), pages 9-18


 * What Drives Banking Stability? Empirical Evidence from ECOWAS Countries. International Journal of Business, Economics and Management, 2017, 4(6), pages 155-165. DOI: 10.18488/journal.62.2017.46.155.165


 * Exploring Patterns of Fiscal Policy Multiplier in Selected Countries. Journal of Economics & Sustainable Development, 2017, 8(18), pages 175-183. ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)


 * Is Restructuring Nigeria’s Federal System a Workable-Zero Poverty Model? CODESRIA Bulletin, 2017, 3(1), pages 12-13


 * Analysis of Access to Credit and Agriculture Performance in Sub-Sahara Africa. International Journal of Agricultural Economics, 2017, 2(6), pages 160-164
 * Exploring the Dynamic Effects of Equity-Based Capital Inflows in BRINCS countries. International Journal of Research in Business, Economics and Management, 2017, 1(3), pages 54-68.


 * Multivariate Dynamic Optimal Portfolio Selection in Nigerian Banking Sector: Application of a VaR Framework. Journal of Applied Research in Finance and Economics, 2017, 3(3), pages 1-15. ISSN 2458-8083.


 * Inclusive Growth Effect of Financial Integration in Africa. Scholar Journal of Economics, Business and Management, 2017, 4(9), pages 663-668


 * Empirical X-ray of Trade Liberalization, Exchange Rate and Tax Revenue in Nigeria. International Finance and Banking, 2017, 4(2), pages 80-91


 * Nigeria’s Economic Growth – Past, Present and Determinants. Journal of Economics & Development Studies, 2017, 5(2), pages 31-46


 * Determinants of Banks’ Profitability in Nigeria: Does Power Matter? Journal of Finance & Bank Management, 2017, 5(1), pages 42-53


 * Empirical Investigation of External Debt-Growth Nexus in Sub-Saharan Africa. African Research Review, 2017, 11(3), 142-152


 * Rebound Effect of Exchange Rate and Central Bank Intervention in Selected ECOWAS. International Journal of Economics & Financial Issues, 2017, 7(3), pages 489-500


 * Regulatory Impact of Bank Profitability in Nigeria: Application of Stochastic Frontier Analysis. Applied Economics and Finance; 2017, Vol. 4(4), pages 32-43


 * Empirical Analysis of Trilemma in Africa. Asian Policy Development Review, 2017, 5 (4), pages 199-212.
 * Dynamic Analysis of Structural Shifts of Fiscal Revenue in Nigeria, 1999-2016 International Journal of Economics and Finance, 2016. Vol.8 (11), page 96-110


 * Monetary Policy Decision in Selected OPEC Economies: Does Taylor’s Principle Matter? OPEC Energy Review; 2017, Vol 41 (2), pages 115-131


 * Drivers of Lottery Revenue: Empirical Evidence from Lagos State. International Journal of Social Science and Economic Research, 2017, Vol. 2 (1) pages 2033 - 2062


 * Macroeconomic Effects of Capital Flows in Sub-Saharan Africa. International Journal of Development Research, 2016 Vol. 6(12), pages 10829-10844


 * How CBN Confronted The Meltdown: The Global Financial Crisis and the Central Bank of Nigeria’s Response, with Ademola Bamidele, Ismail C. Ay and Emre Ozsoz. Singapore Economic Review; 2016.


 * What Determines Return Risks for Bank Equities in Turkey with Emre Ozsoz and Erick Rengifo. Borsa Istanbul Review; 2014 vol. 14(1), pages 23-31, March


 * Currency Fusion and Trade Flows in West Africa Countries: Application of the Gravity Model, with Saidi Mustapha. European Journal of Business & Management; 2013, Vol. 5 (26), page 40


 * Bank Regulation in Dollarized Economics: The Case of Turkey with Emre Ozsoz and Erick Rengifo. International Journal of Financial Studies; 2013, Vol.1 (4), pages 137-153


 * Real Exchange Rate Assessment for Nigeria; An Evaluation of  Determinants,  Strategies  for  Identification  and  Correction  of  Misalignments with Emre Ozsoz.  OPEC Energy Review; 2012, Vol 36 (1), pages104-123


 * To Pool or Not to Pool: Evaluating the Stability on the Efficiency Gain of Dynamic Panel Estimators. SSRN Paper No.968702 2007


 * An Empirical Investigation of the Real Exchange Rate Impact on Economic Activities: The Case of Nigeria” SSRN Paper No.968708 2007