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Iya Bose Was Already The Underwriter
The real innovation wasn’t the app. It was the balance sheet
5 hrs ago
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Lumi Mustapha
The Annuity and the Startup
Hipgnosis paid a $690 million tuition bill for confusing the two. African allocators are about to sit the same exam
Jul 11
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Lumi Mustapha
2
The Partnership That Died Without a Funeral
Why the cheap deal and the expensive one failed for the same reason
Jul 4
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Lumi Mustapha
1
June 2026
The Flutterwave Round That Wasn’t Tested
What $3.2 billion doesn’t tell you
Jun 20
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Lumi Mustapha
3
1
THE ARTIST HAS BECOME THE PLATFORM
What Drake’s triple-album moment reveals about music IP, capital, and ownership — and what African investors should be asking right now
Jun 13
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Lumi Mustapha
5
May 2026
The Private Credit Money Is Showing Up. But It’s Underwriting the Wrong Thing
Nigerian FMCG balance sheets are becoming distributor banks by accident. African private credit is queuing to underwrite the wrong asset class
May 16
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Lumi Mustapha
3
1
When the Banks Stop Underwriting, Someone Else Has To
The Nestoil failure is not just a banking story. It’s about who underwrites the next decade of African corporate deals — and on what terms.
May 9
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Lumi Mustapha
1
How Institutional Buyers Diligence African Music IP
A Field Guide From The Buy Side
May 7
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Lumi Mustapha
African Music IP Has a $6 Billion Ceiling and an $80 Million Floor. The Gap Is Legal
The diligence wall sitting between African music IP and institutional capital is a chain-of-title problem — and the work to fix it precedes the work to…
May 2
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Lumi Mustapha
1
April 2026
Reading the Room: Comp Re-Anchoring for African Series B and C Rounds
Three archetype baskets. The discount stack methodology. Six audit questions for portfolio marks
Apr 29
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Lumi Mustapha
The Two Ghost Numbers Holding Up Every African Tech Valuation
Public SaaS comps reset 60% since 2021. African Series B pricing didn’t. The unwind is starting
Apr 25
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Lumi Mustapha
1
The PE-Readiness Diagnostic: The Three Tests That Determine Whether You’re Sellable
The clause-level architecture behind governance legibility, cap table cleanliness, and structural transferability — and where most African founder-led…
Apr 23
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Lumi Mustapha
1
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