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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
The Founder Power Curve: Why Building a Camel Doesn’t Make You Sellable
Operating excellence is one problem. Transferability is another. Most African founders only learn the difference during diligence
Apr 18
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Lumi Mustapha
1
1
1
Reading the Room: A Two-Track Diagnostic for the Exit You’re Actually Facing
Most African venture-backed companies are positioned for a buyer conversation they haven’t mapped — and a due diligence process they aren’t ready for
Apr 16
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Lumi Mustapha
The Acquirer Who Never Shows Up
Africa’s exit problem starts at entry — when nobody asked what the buyer would actually pay.
Apr 11
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Lumi Mustapha
3
1
READING THE ROOM
A GP’s Field Guide to Fundraising in a Broken Liquidity Cycle
Apr 9
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Lumi Mustapha
THE MACHINE THAT FUNDED AFRICA’S TECH BOOM IS BREAKING DOWN
The 87% collapse in African VC fundraising isn’t an Africa story. It’s a global liquidity story — and a war in Iran just made it worse.
Apr 4
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Lumi Mustapha
3
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