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Former CEO of 54Gene launches new genomics startup

On Monday Abasi Ene-Obong, former CEO of 54gene, unveiled his new venture, Syndicate Bio.

In this new venture, Syndicate Bio will focus on making genomics and precision medicine more accessible and effective for people in different parts of the world, starting in Africa. The company works with governments, pharmaceutical companies, universities, and other partners to promote local precision medicine and generate valuable data that can be used to develop new drugs and treatments.

Key leadership appointments: Jumi Popoola, the current Vice President, Molecular Genetics and Biobank Operations at 54Gene, and Estelle Dogbo, the former Chief of Staff and Country Head at 54Gene, are set to assume pivotal roles within Syndicate Bio. Jumi Popoola will take on the role of Chief Scientific Officer (CSO), where she will be responsible for overseeing all scientific matters, while Estelle Dogbo will serve as the Chief Operating Officer (COO), overseeing the operational aspects of the organisation.

Zoom out: Despite stepping down as 54Gene's CEO in October 2022, after a tough year marked by financial challenges, funding difficulties, and a business model that demanded significant upfront investment, his prior position as co-founder and CEO of 54gene, where he dedicated himself to bridging the gap in African genetic data for pharmaceutical research, underscores his dedication to Syndicate Bio.

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Zimbabwe to review Starlink’s licence

Canal+ acquisition of Multichoice looks rocky

Multichoice acquisition makes sense for Canal+ in that it offers it growth potential in Africa and a relief from the tight streaming competition in Europe. However, complexities in SA’s mergers and acquisition regulatory requirements make it difficult. According to the requirements, Canal+ would only be able to hold a maximum of 20% voting rights. 

Getting over a 20% hurdle Several experts have suggested several workarounds to the 20% voting limitation including complex investment structures like trusts or holdings to exert indirect influence over the company's management without exceeding the voting rights limit.

ICYMI In its 2023 financial results, Vivendi, the parent company of Canal+ said it was increasing its stake in Multichoice, a move that would see Canal+ acquire the broadcasting company. With Canal+ shareholding currently at 32.6%, South African laws mandate a takeover of the company when its shares reach 35%.

Zoom out: While several regulatory hurdles in the Multichoice acquisition by Canal+ abound, if the deal goes through, the resulting entity could change Africa’s broadcasting landscape in that Canal+ could easily apply formulae that have worked for it in the past on the continent. 

Kenya’s CA Director-General suspended for alleged corruption

The Director-General of the Communication Authority of Kenya (CA), Ezra Chiloba, has been suspended.

Why? On Monday, Chiloba was suspended by CA's Board Chair, Mary Mungai, based on allegations of abuse of office and misuse of funds related to the authority's mortgage scheme.

The findings: The investigation committee, known as the Board Audit and Risk Assurance Committee (BARAC), found indications that Chiloba breached his employment terms by requesting a loan that was granted by a junior staff member, lacking clear evidence of proper procedures. Furthermore, Chiloba is alleged to have violated the Civil Servants Housing Scheme requirement by acquiring a house and a plot of land exceeding the stipulated one-acre limit; he is reported to have purchased seven acres of land. Additionally, Ksh25 million ($170,000) was reportedly disbursed from CA to an account associated with Chiloba's Kitale-based company, Kitale Hilmost Limited. This can be seen as indicating an intention to deceive or commit fraud against the Authority.

Based on the findings, the committee recommended taking disciplinary action against not only the Director General but also the Directors of Human Resources, Legal Services, and Finance, along with the internal auditor.

Zoom out: Chiloba's suspension, triggered by allegations of corruption, occurred midway through his four-year term. Following this development, Christopher Wambua has stepped into the role of acting director-general, effective immediately until further notice.

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