54gene Founder Sues Investors Following Company’s Downfall
The dramatic downfall of 54gene, once a leading African healthtech startup, continues to unfold with its founder, Dr. Abasi Ene-Obong, taking legal action against key investors. A Federal High Court in Lagos has intervened, halting the sale of the company’s assets, which notably includes the biodata of 100,000 Nigerians, valued at an estimated $3 million. This legal battle represents the latest chapter in the saga of 54gene’s collapse.
Legal Battle Unveiled
Dr. Ene-Obong is directly accusing 54gene’s primary investors, Cathay AfricInvest Innovation Fund and Adjuvant Capital, of precipitating the company’s bankruptcy. According to court documents reviewed by TechCabal, a petition was filed in July 2025, alleging that these investors rejected a viable plan to prevent the company’s dissolution, ultimately leading to its current predicament. This lawsuit aims to prevent the alleged forced liquidation and challenges the investors’ role in the company’s demise.
The lawsuit underscores the complex dynamics between startups and their investors, particularly within the African tech ecosystem. The outcome of this case could have significant implications for investor relations and corporate governance in the region, potentially influencing future investment strategies and the protection of valuable assets like biodata. The future of 54gene and the fate of its assets remain uncertain as the legal proceedings continue.
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