54Gene founder sues investors over company collapse
- 54gene founder Abasi Ene-Obong sues investors over the company's collapse and asset sale.
- A Federal High Court in Lagos intervenes to stop the sale of 54gene's assets, including sensitive genetic data.
- Ene-Obong accuses major investors of forcing the company into bankruptcy and rejecting a $110 million rescue deal.
The ongoing legal battles and regulatory pressures faced by tech companies in Africa, such as 54gene and TikTok, highlight the precarious nature of startup ecosystems in the region. While some companies like Breadfast are thriving, the challenges posed by investor relations and government regulations could stifle innovation and growth if not managed carefully.
