The L.U.M.I. Brief

The Missing Layer Between African Music and Capital

African music already reaches a global audience. Turning the resulting royalty cash flows into assets investors can repeatedly find, verify and buy is a…

Oct 3 • Lumi Mustapha

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September 2026

Nigeria Is Still Paying for Electricity Used Years Ago

Inside the ₦729 billion bond being used to settle a decade of power-sector debt, and the problem it cannot solve.

Sep 26 • Lumi Mustapha

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Dangote Isn’t Raising $14 Billion in Its IPO. That’s the Point

The IPO raises $1.6 billion toward a $14.3 billion expansion. The other $10.2 billion is the real story

Sep 19 • Lumi Mustapha

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Nigeria Is Fighting Over the Wrong Naira

State revenue rose 211% since 2022. Dependence on Abuja rose with it. The incentive nobody’s tried changing yet.

Sep 12 • Lumi Mustapha

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The Missing Step Between Cultural Value and Institutional Capital

The $117.6 million OVO transaction shows how cultural IP becomes something institutional capital can actually own, underwrite and enforce.

Sep 5 • Lumi Mustapha

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August 2026

The Market Woman’s Balance Sheet

How two decades of an informal trader’s cash flow becomes something institutional capital can price

Aug 29 • Lumi Mustapha

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OVERINSURED

When the record deal costs more than the risk it protects

Aug 22 • Lumi Mustapha

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Own the Refinery

Africa’s AI Opportunity May Be in the Inputs

Aug 15 • Lumi Mustapha

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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

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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

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Iya Bose Was Already The Underwriter

The real innovation wasn’t the app. It was the balance sheet

Jul 18 • Lumi Mustapha