Hey! Cool concept Poor guy tho!
So I changed a few things. In the picture above, the proportions were kinda wrong, so I changed things up a bit. Mainly the head placement and neck area. I think you originally wanted to make it look like a thick jacket, or that he was very muscular, but I didn't realise this until I had already finished the paintover--Either way, it wasn't reading very well. Besides proportions, I slightly changed his skin colour to a more realistic mixture (More saturated mids). I kind of changed his pose as well, trying to bend him a bit, as he was very stiff previously. I also changed his left foot, as it previously looked like it was both resting/was grounded, and looked like he was about to take a step. So I enhanced the "step" by moving his leg a little, so that it would be readable. I changed his arm slightly too. As for lighting, I made key areas lighter, such as his face, body, so it would bring more attention to him. I also made the shadows between the arms/cloak harder, so that it would be easier to see the arms, as they previously almost merged into the darkness around his cloak.
I moved his axe some, tilted it downwards and made it bigger to compensate, also to make it even more readable, as it was quite small before. Lastly, I defined his neck area some. Anyway, I hope this was helpful! Good job on the character, he looks awesome