TruQ CEO Resigns Amid Internal Strife and Financial Disputes

Williams Fatayo, the co-founder and CEO of truQ, a logistics tech company based in Nigeria, has announced his resignation. The decision comes amidst internal administrative cracks, financial transparency issues, and leadership tussles within the company.

Fatayo co-founded truQ with Foluso Ojo in 2020 with the aim of streamlining mid-mile logistics across Africa. The startup gained significant recognition in 2023 when it won the TC Startup Battlefield competition, securing a cash prize of ₦2.5 million.

According to Fatayo's account, the internal issues began when he confronted Ojo about running the company into debts of about N100m. He suggested a change in her role or for her to step aside to allow the company to hire a logistics professional to improve service delivery and strengthen the business.

Fatayo alleged that Ojo's response was a series of erratic actions aimed at protecting herself, including intentional internal sabotage of the collective business direction and acrimonious accusations regarding financial processes.

The situation escalated when Ojo turned off Fatayo's work email and called a shareholder meeting consisting of herself and two former employees who own equity in the business. This meeting aimed to decide on Fatayo's removal as truQ’s CEO. However, the final decision was upheld by the company’s US entity bylaws and Nigeria’s CAMA laws, as Ojo’s vote against him wasn’t enough to remove him as CEO.

Despite efforts to restore normalcy through shareholders’ meetings and mediation, Fatayo claimed that Ojo appeared determined to subvert the business. "After a series of discussions, she goes ahead to do something erratic again," he explained.

Amid the impasse, Fatayo took the decision to walk away, citing his desire to save the company and his relationship with his co-founder. "I could either litigate and fight to stay in an expired relationship or choose to walk away from the drama. The fighting and litigation would have been a lost cause for our relationship, and even worse, kill the company, so I chose the latter — Walk away from it all," he explained.

With Fatayo’s exit, Ojo will resume as TruQ’s CEO. Fatayo announced a transition plan to move his stake in truQ to a board level, where he will serve as part of its advisory board and as an investor. This move aims to keep supporting the vision they birthed and built through the years, and to sell back some of his equity to the business.

Since its operation began in 2022, truQ has launched various initiatives, including truQ 1.0, a 3PL platform that powered a few thousand operators and helped them execute tens of thousands of fulfillments. truQ 2.0, known as Siju by truQ, is a model that powers delivery planning and optimization at scale for distribution and manufacturing businesses.

Through its logistics solution offerings, the startup has served thousands of commercial fleet operators, powered thousands of fulfillments for businesses, and recorded millions of dollars in transaction volume. The company has also won industry competitions, highlighting its impact and success in the logistics sector.