Nigerian court stops 54gene asset sale as founder accuses investors of collapse
- A Federal High Court in Lagos has stopped the sale of 54gene’s assets.
- Founder Abasi Ene-Obong filed a lawsuit against investors alleging forced collapse.
- The investors are accused of sidelining the board and rejecting funding offers.
The situation surrounding 54gene highlights significant issues in startup governance and investor relations, particularly in the biotech sector. The allegations of unethical practices raise questions about accountability and the treatment of founders by investors. This case could serve as a cautionary tale for other startups in similar industries.
