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.
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.
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.
Why startups fail: The overlooked role of people processes
12 startups shut down in Africa in 2024, with 25% due to people and operations-related challenges. 18 startups failed in the previous year due to lack of operational licenses and poor HR processes.
4 African startups that shutdown in Q1 2025
African tech startups secured $780 million in funding in the first half of 2024, a 57% decrease from 2023. 54gene, a Nigerian genomics company, and Sendy, a Kenyan logistics startup, shut down due to funding problems.
