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OVERINSURED
When the record deal costs more than the risk it protects
Aug 22
•
Lumi Mustapha
1
Own the Refinery
Africa’s AI Opportunity May Be in the Inputs
Aug 15
•
Lumi Mustapha
1
Buying the Machine, Not the Catalogue
Most African music catalogues already have a distributor or label-services firm sitting on the revenue
Aug 8
•
Lumi Mustapha
The Certainty Tax
PenCom loosened the mandate. N31 trillion in pension money still hasn’t moved
Aug 1
•
Lumi Mustapha
1
1
1
July 2026
AI Can Win. Its Investors Can Still Lose
Kimi K3 is evidence the AI capex bet has a pricing problem, and the fallout reaches African fund closes before it reaches Wall Street headlines
Jul 25
•
Lumi Mustapha
2
1
1
Iya Bose Was Already The Underwriter
The real innovation wasn’t the app. It was the balance sheet
Jul 18
•
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
•
Lumi Mustapha
2
1
The Partnership That Died Without a Funeral
Why the cheap deal and the expensive one failed for the same reason
Jul 4
•
Lumi Mustapha
1
June 2026
The Flutterwave Round That Wasn’t Tested
What $3.2 billion doesn’t tell you
Jun 20
•
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
•
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
•
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
•
Lumi Mustapha
1
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