Shaping the Future of Finance: Ikumapayi on Inspiring the Next Generation Through Innovation, Data, and Integrity.

By Desmond Akhigbe

Olumide Johnson Ikumapayi is a Fellow Chartered Accountant with over 20 years of experience across management consulting, financial data analytics, taxation, forensic accounting, auditing/assurance, and fraud investigation. He is also an AI and Machine Learning enthusiast, widely respected for his ability to merge finance with technology. He has built an amazing professional career dedicated to strengthening financial systems, enhancing transparency, and safeguarding organizational assets. With a Master of Science Degree in Financial Technology (FinTech) from the University of Bradford, United Kingdom, and an MBA from The Lagos State University (LASU). He combines advanced academic knowledge with practical expertise in fraud detection, predictive modeling, and regulatory compliance; thus, making him a reputable leader in driving innovation and contributing to the advancement of the financial industry.

In this interview with THISDAY, he reflects on professional excellence, societal contribution, and economic growth, highlighting how he continues to shape the intersection of finance, data, and innovation; demonstrating that integrity, knowledge, and vision are key to driving meaningful progress and long-term economic success.

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You have over two decades of experience spanning management consulting, taxation, auditing, forensic accounting, and financial data analytics. What has been the driving force behind your career journey?

Olumide: From the early stages of my career, as I understood, finance is the backbone of any economy. When financial systems are transparent, efficient and secure, businesses flourish, and nations thrive. My passion has been to enhance financial integrity, optimize operational efficiency, and leverage technology, particularly data analytics and machine learning to address longstanding challenges, all while contributing to an economy with a strong and sustainable GDP.

You are recognized in Joisons Consulting Nigeria, for pioneering the use of data-driven solutions in fraud detection and financial operations. Could you share some examples of how your work has delivered measurable impact?

Olumide: Absolutely, one of my most impactful projects involved deploying predictive models that flagged unusual transaction patterns for a financial institution, reducing fraud losses by over 60% within a year. In another instance, I led a regulatory compliance review that streamlined internal and external audit processes, saving clients/ companies across industries, millions of Naira in potential Interests and penalties. By combining forensic accounting with machine learning techniques, I have modernized audit approaches and delivered outcomes that enhance financial performance and safeguard assets.

 

 

 

 

Your educational background is quite rich, with advanced training in FinTech, data science, and Artificial Intelligence. How do you see these skills shaping the future of finance in Africa?

 

Olumide: The future of finance in Africa is best combined with emerging technology. FinTech and AI are democratizing access to financial services, enhancing risk management, and reducing fraud. With blockchain, machine learning and predictive analytics, we can build systems that are not only efficient but also inclusive. I believe Africa has the unique opportunity to leapfrog legacy systems and embrace modern, tech-driven solutions that can support sustainable economic development.

Beyond your technical expertise, you are also known for mentoring young professionals. Why is supporting the next generation important to you?

Olumide: I see mentorship as a responsibility, not just an option. I have been privileged to learn, grow, and gain exposure through my career, and it is only right to pass that knowledge on. Young people are the future of finance, technology, and governance. By guiding them in areas such as financial literacy, ethical leadership, and digital innovation; we are shaping careers and equipping them with vital trainings that will make them globally competitive and positively advance the future of our economy.

What would you say are your most significant career accolades so far?

Olumide: Becoming a Fellow Chartered Accountant and a Fellow of The Association of Enterprise Risk Management Professionals are part of my proudest professional recognitions. This represents years of dedication to excellence. Beyond titles, however, my true accolades are the lasting systems and processes I have built that continue to protect the financial systems of organizations, optimize their resources, and support their strategic decision-making to avoid liquidation. I have also had the privilege of leading cross-functional teams that delivered transformational projects across different industries, which I consider a testament to operational success.

Fraud and financial crime remain major challenges globally. With your expertise, what are the most effective strategies to tackle these issues today?

Olumide: The key is in combining technology with corporate governance. On the technological side, analytics, artificial intelligence, and predictive modeling can detect anomalies faster than any traditional method. On the governance side, organizations must strengthen internal controls, enforce compliance, and manage their operations by holding their management accountable when needed to cultivate trust and transparency. Fraud thrives in weak systems, so building resilient processes supported by innovation is the way forward to ensure a non- fraudulent financial system for long-term sustainability.

Looking ahead, what is your vision for your role in the finance and technology ecosystem?

Olumide: My vision is to continue being a bridge between finance and technology, leveraging AI, machine learning, and data analytics to build stronger, smarter financial systems in Africa and globally. I want to contribute to shaping policies that balance innovation with regulation, while continuing to inspire corporate professionals to see finance not just as numbers, but as a powerful tool for economic transformation.

 

 

 

 

What advice would you give to young talents aspiring to build impactful careers in finance and technology?

Olumide: My advice to aspiring talents would be to stay curious, ethical, and committed to continuous learning. The finance and technology landscapes evolve rapidly, and adaptability is your greatest asset. Invest in data skills, understand global financial trends, and embrace innovation. Most importantly, be a person of integrity because without trust, no system can thrive. If you combine knowledge, ethical principles, and a passion for innovation, the possibilities are limitless.

As a co-founder, I helped establish TechWatt Global Technology Ltd., an AI, Machine Learning, and Robotics company with a presence in the UK and Ghana, introducing the younger generation to robotic innovation. Our programs are designed to teach Coding, Robotics and Artificial Intelligence, through hands-on, project-based learning to equip students with the skills to design and build real-world systems, making them stay ahead in the ever-evolving world of technology.

Many say finance is being transformed by technology. How do you see data driving innovation in today’s financial systems?

Olumide: Data has become the new balance sheet. Every transaction, customer interaction, and risk exposure create a trail that if properly analyzed, reveals opportunities for efficiency and risk management. Innovation comes when we turn that raw information into actionable insights, whether in fraud detection, credit scoring, or predictive analytics. The challenge is not just about collecting data but about structuring it with integrity, ensuring it tells the truth, and using it responsibly to drive better decisions across the financial ecosystem.

Currently, the 2025 tax reforms are being described as the most pivotal moment in Nigeria’s fiscal evolution. From your professional experience, what makes them significant?

Olumide: The tax reforms majorly broaden the old tax base and introduces new tax categories; that way, the government aims to increase domestic revenue through a unified data-driven framework. With the adoption of digital tools to consolidate corporate income tax, capital gains tax, VAT, and multiple levies, the government is signaling a push toward transparency and global compliance. Its alignment with international tax standards will enhance our country’s attractiveness to foreign investors. For me, the real significance of the 2025 tax reforms is a bold step towards a more equitable and efficient tax system, with the potential to drive more sustainable economic growth.

Finally, how do you see data analytics shaping the implementation of these new tax laws?

Olumide: The success of these reforms hinges on having strong data systems in place. Without them, the new tax laws risk adding another layer of complexity. However, with data analytics, we can monitor compliance in real time, identify inefficiencies, and offer actionable insights to guide policymakers. For businesses, analytics enable simulations of their tax obligations under the new regime, optimize decision-making and improve cash-flow management. The future of tax systems is about being proactive on predicting trends and challenges ahead, and data analytics is the key to making that vision a reality.

To wrap up, we thank Olumide for his insightful contributions to shaping the future of finance. We appreciate his time and look forward to seeing how his impactful work continues to drive meaningful change in the industry, fostering economic growth and benefiting the country’s development.