Tobi’s path to advancing inclusive finance through research

Tobi Oladiran recently completed his PhD in Finance at the University of Luxembourg, where he focused on the intersection of finance and sustainability. Originally from Nigeria, he earned a Bachelor’s degree in Accounting from Landmark University, graduating as the overall best student and valedictorian, before completing a Master’s in Strategic Corporate Finance at the Higher School of Economics (HSE) in Moscow.

In September 2019, Tobi arrived in Luxembourg to pursue Master in Quantitative Economics and Finance through a double-degree programme between HSE and the University of Luxembourg. Encouraged by Professors Roman Kraussl and Denitsa Stefanova, he submitted a successful PhD proposal funded by the Luxembourg National Research Fund (FNR). With the help of Professor Andreas Irmen, who facilitated the scholarship process, Tobi was awarded a full scholarship to study in Luxembourg.

Now, after nearly six transformative years at the University of Luxembourg, Tobi is heading to Yale University as a Hutchinson Postdoctoral Fellow to continue his research. In this interview, he shares his academic journey, his experience at the University of Luxembourg and how mentorship and support shaped his path.

Congratulations on securing a postdoctoral position at Yale! Can you tell us more about the research project you’ll be working on?

Thank you so much! The postdoctoral project focuses on “rethinking how we design and finance solutions to environmentally mediated infectious diseases in Africa.” I’ll be working alongside two other postdoctoral fellows – one specializing in public health and the other in economics – while I focus on the finance side. I will be mentored by Professor Stefano Giglio at the Yale School of Management and Professor Albert Ko at the Yale School of Public Health.

What inspired you to pursue a postdoc, and what drew you specifically to Yale University?

During my PhD, I had the privilege of doing a research visit at Yale School of Management (SOM) under Professor Stefano Giglio. The academic environment was exceptional, and the faculty were incredibly welcoming. Professor Giglio, despite being one of the leading experts in my field, always made time to provide thoughtful feedback on my work. That mentorship meant a lot to me. So, when the postdoc opportunity opened at Yale, it was a clear choice; it combined an impactful project with the chance to work closely with a mentor I respect, in a world-class research environment. And with my African background, I’m especially motivated to contribute meaningfully to improving health systems across the continent.

^{In Washington, D.C., USA, during Tobi’s research visit to Yale University}

Could you briefly walk us through your academic journey? What led you to pursue a PhD and what are your current research interests?

My journey began with a BSc in Accounting in Nigeria, followed by a Master’s in Strategic Corporate Finance in Moscow, and then a second Master in Quantitative Economics and Finance at the University of Luxembourg. From early on, I knew I wanted to pursue a PhD. Initially, my dream was to PhD in the U.S., so I was preparing for the GMAT during my Master’s at Uni.lu.

But everything changed when I met Professor Ulf von Lilienfeld-Toal, who encouraged me to speak with Professor Roman Kraussl about applying for FNR funding. I did, and within 30 minutes of speaking with him, I was convinced. I went home, looked up his work, and saw he was a visiting fellow at Hoover Institution, Stanford University. That moment shifted my mindset: “Why go to the U.S. when I can work with world-class researchers right here?” With his mentorship, and later that of Professor Denitsa Stefanova, I shaped my PhD around sustainable finance, an area that now defines my academic identity.

How did your experience at the University of Luxembourg (FDEF) shape or support your career development?

I’m incredibly grateful to the University of Luxembourg and the country as a whole. The academic training, mentorship, and financial support I received were world-class. FDEF and the FNR invested in my development, supporting my participation in top-tier summer schools like the London School of Economics and Political Science (LSE) program in Applied Econometrics and Big Data, and funding my research visit to Yale. I was given room to grow intellectually and professionally in an environment that truly values research excellence.

Were there any key milestones, mentors, or challenges during your time at FDEF that played a significant role in your academic path?

Absolutely. One milestone that stands out is my research visit to Yale, made possible through the initiative of Professor Michael Halling. He not only guided me but also personally reached out to Professor Giglio on my behalf. It was a complex process, but both professors made it happen. That visit ultimately led to my postdoc. I’ve also faced administrative challenges over the years – visa issues, contract hurdles – but each time, Professor Denitsa Stefanova stepped in with unwavering support. These mentors made a big difference in my journey.

^{Tobi with University of Luxembourg professors at his doctoral defence}

Did you benefit from any scholarship?

Yes, and I’m very thankful for it. My Master’s in Quantitative Economics and Finance was supported by a scholarship from the Luxembourg Ministry of Foreign and European Affairs. My PhD was funded by the Luxembourg National Research Fund (FNR). These scholarships were instrumental in enabling me to focus on my research without financial pressure.

How do you see your work contributing to the field in the coming years?

I’m optimistic that my work will contribute to designing sustainable and scalable financial solutions for public health systems in Africa, especially in regions impacted by climate-exacerbated diseases like malaria and cholera. I aim to bring innovative financing models into conversations about health equity, resilience, and development in the Global South.

_{One of Tobi’s papers, during his PhD, received the VP Bank Best Paper Award at the Liechtenstein Sustainable Finance Workshop}

What are you most looking forward to during your time at Yale?

I’m excited to collaborate with top scholars and gain access to Yale’s rich interdisciplinary ecosystem across the Yale School of Management, School of Public Health, and School of Environment. It’s a unique space where I can deepen my expertise, grow intellectually, and produce impactful work that bridges research and real-world solutions.

Do you have any advice for current FDEF students or early-career researchers aspiring to follow a similar path?

Of course. Work hard, stay focused, and let your passion guide you, but don’t underestimate the value of mentorship and communication. It’s not enough to do good work; people need to know what you’re working on. Build relationships, seek feedback, and be open to guidance. In my case, mentorship from Professors Halling, Kraussl, Nowak, and Stefanova, opened doors I never imagined. Don’t be afraid to reach out and let yourself be mentored.

Looking ahead, what are your long-term aspirations? Do you see yourself continuing in academia, or are you open to other sectors?

In the long run, I hope to contribute to building sustainable, inclusive financing systems, particularly in Africa’s health sector. I also dream of establishing a world-class business school in Nigeria, one that trains future economists, financial experts, and changemakers. Whether through academia or policy-focused institutions, my goal is to ensure research leads to real impact. So help me God!