Nigerian court blocks sale of 54gene’s assets, as founder claims investor wrongdoing
- The Federal High Court in Lagos granted an injunction blocking the sale of 54gene's assets.
- Dr. Abasi Ene-Obong accuses the Cathay AfricInvest Innovation Fund and Adjuvant Capital of orchestrating the company's collapse.
- Investors rejected a $110 million rescue package and forced 54gene into bankruptcy.
Bendada.com - Aug 1, 2025
Nigerian court stops 54gene asset sale as founder accuses investors of collapse
A Federal High Court in Lagos has halted the sale of 54gene's assets, including sensitive biodata, f
The situation surrounding 54gene highlights the precarious balance between investor interests and founder rights in the startup ecosystem. The allegations of investor overreach and the potential loss of sensitive genomic data raise ethical concerns that warrant closer scrutiny and discussion among stakeholders in the African tech landscape.
