🧬 Court stops sale of 54gene’s assets amid legal dispute

Today’s Menu ☕️

⚖️ Federal High Court stops sale of 54gene’s assets amid legal dispute
📈 MTN Nigeria Becomes NGX’s Most Valuable Company, Crossing N10 Trillion Market Cap
💰 EBRD invests $10M in Breadfast to fuel expansion and innovation
📱Apple crosses 3 billion iPhone shipments since 2007
📱Instagram Now Requires 1,000 Followers to Go Live
📱Truecaller to End Call Recording on iPhones by September 30

If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa.

🧬 GENOMICS

Federal High Court stops sale of 54gene’s assets amid legal dispute

In Lagos, a courtroom drama is unfolding around 54gene, once the pride of African genomics. The Federal High Court has frozen the company’s prized assets—including a biobank of over 100,000 Nigerian genetic samples—after founder Dr. Abasi Ene-Obong accused his own investors of orchestrating its downfall.

Ene-Obong claims Cathay AfricInvest Innovation Fund and Adjuvant Capital forced him out in 2022, blocked funding efforts, and quietly moved to sell the company’s biobank and intellectual property for just $3 million—far below its $170 million peak valuation. He alleges they even demanded four times their investment before sharing proceeds, while rejecting revenue deals and threatening him with baseless fraud claims.

Once hailed for powering Nigeria’s COVID-19 testing and building Africa’s largest independent biobank, 54gene shut down in 2023 amid declining revenue and boardroom strife. Now, its future hangs in legal limbo, with the court halting any asset sale.

For Ene-Obong, the fight is about more than money; it’s about safeguarding the ethical promise of African genomic data and continuing that mission through his new venture, Syndicate Bio.......…..continue reading

📈 STOCK MARKET

MTN Nigeria Becomes NGX’s Most Valuable Company, Crossing N10 Trillion Market Cap

MTN Nigeria has become the most valuable company on the Nigerian Exchange (NGX) after surpassing a N10 trillion market capitalisation, marking a historic milestone and an impressive turnaround from last year’s financial struggles. At the end of July 2025, its share price climbed to N480, lifting its valuation to N10.07 trillion and overtaking Dangote Cement and Airtel Africa, now at N8.91 trillion and N8.68 trillion, respectively.

The surge reflects a remarkable rebound in profitability and investor confidence. MTN reported a Q2 2025 pre-tax profit of N419.61 billion, reversing a N179.60 billion loss in 2024, and achieving N622.24 billion in cumulative H1 pre-tax profits. Its balance sheet strengthened as total assets rose to N4.77 trillion, retained losses dropped to N192.89 billion, and negative equity narrowed significantly, positioning the company for positive equity in Q3.

This dramatic recovery has sparked optimism across the NGX, reinforcing investor interest in resilient, data-driven businesses and signaling renewed confidence in Nigeria’s capital markets......…continue reading

💰 INVESTMENTS

EBRD invests $10M in Breadfast to fuel expansion and innovation

Breadfast, Egypt’s leading online grocery platform, has secured a $10 million investment from the European Bank for Reconstruction and Development (EBRD) as part of its Series B2 round, boosting its valuation to $382.3 million. Founded in 2017, Breadfast has evolved from a bakery delivery service into a vertically integrated quick-commerce platform offering over 6,000 products delivered in under an hour. With over 30 fulfilment centres and one million monthly orders, it surpassed $150 million in annual recurring revenue in 2024 and maintains a customer retention rate above 80%.

Led by Novastar Ventures, the funding round supports expansion across Egypt, technology upgrades, and private-label growth. The EBRD’s support also aligns with job creation and upskilling goals. Breadfast is now launching Breadfast Pay, a fintech arm targeting Egypt’s unbanked population. Amid regional inflation and global VC pullbacks, Breadfast stands out for its operational discipline, growing investor confidence, and resilience—contrasting sharply with peers like Wasoko and SWVL.....…continue reading

📱 CONSUMER ELECTRONICS

Apple crosses 3 billion iPhone shipments since 2007

Apple has reached a historic milestone, shipping its three billionth iPhone since the product’s 2007 debut. CEO Tim Cook revealed the achievement during the company’s Q3 earnings call, noting that the iPhone drove double-digit growth and contributed to $94 billion in revenue—a 10% year-over-year increase. Apple hit one billion iPhones in 2016 and two billion in 2021, underscoring the device’s enduring global dominance.

Cook highlighted that U.S. tariffs have impacted Apple’s bottom line, costing $800 million in the June quarter, with the figure expected to rise to $1.1 billion next quarter.

Looking ahead, Apple plans to unveil its iPhone 17 lineup in September, featuring a new “iPhone 17 Air” with an ultra-thin design, single rear camera, A19 chip, 6.6-inch display, and Apple’s first in-house modem. Starting at around $900, the model aligns with Apple’s “Air” branding. Cook also signaled expanded investments in artificial intelligence, including potential acquisitions.......…continue reading

📱SOCIAL MEDIA

Instagram Now Requires 1,000 Followers to Go Live

Instagram has quietly introduced a major change: users now need at least 1,000 followers to go Live. Previously open to everyone, the Live feature allowed small creators, teachers, and entrepreneurs to engage audiences in real time. The new rule shuts out thousands of casual users, signaling Instagram’s shift from a community-sharing platform to a stage reserved for creators with sizable followings.

The move likely stems from moderation concerns, as livestreams carry higher risks of abuse than pre-recorded content. Platforms like TikTok and YouTube already enforce similar thresholds, making Live access something users must “earn” through audience growth.

While the policy may reduce risk, it raises concerns about fairness and authenticity. Niche creators with small but loyal communities lose a vital tool, and the follower-count barrier may encourage buying fake followers. For many small creators, Instagram’s evolution underscores the need to diversify across platforms that prioritize accessibility and organic community building over sheer reach........…continue reading

 📱TELECOMS

Truecaller to End Call Recording on iPhones by September 30

Truecaller will discontinue its call-recording feature for iPhones on September 30, 2025, due to Apple’s strict policies restricting third-party access to call audio. While Android users retain the feature, iPhone users will lose a tool relied on for documenting agreements, protecting against harassment, and keeping conversation records.

Apple’s longstanding privacy stance prevents apps from accessing call data, even as Truecaller and others previously used VoIP workarounds. Truecaller cited “platform limitations” as the reason for ending support. Critics note the move highlights a double standard, as Apple’s own apps like FaceTime can record audio in certain scenarios, while third-party apps cannot.

For iPhone users, alternatives exist but are costly, limited by region, and far less convenient. This decision underscores the trade-off between Apple’s privacy-first philosophy and user control over personal data. Android users remain unaffected, but for many iPhone owners, the change reduces functionality and raises questions about how much ownership they truly have over their own conversations..........…continue reading

 OTHER STORIES

• Pay‑TV’s Downward Spiral: What the Decline Means for Africa and Beyond...…continue reading

• NigComSat eyes $3 billion annual revenue as it expands beyond broadcasting..…..continue reading

Do you know you can join and follow us on our WhatsApp Channel?