Williams Fatayo, co-founder and CEO of truQ, a Nigerian logistics tech company, has stepped down from his role. He made the announcement on Saturday via his official X (formerly Twitter) account, explaining that his decision followed internal issues, lack of financial transparency, and ongoing leadership conflicts.
Williams and his co-founder, Foluso Ojo, started truQ in 2020 to simplify mid-mile logistics for individuals and businesses across Africa. The startup gained major attention in 2023 when it won the TC Startup Battlefield competition, earning a ₦2.5 million prize and beating nine other startups.
Leadership conflict and internal issues
In a Medium article titled “TRUQ: FIRST WELL DOWN!”, Williams shared details of the leadership crisis that led to his resignation. He said the company began facing challenges when he confronted Foluso about the business running into a ₦100 million debt. He suggested that she either step aside or change her role so the team could hire an expert in logistics to improve operations.
According to him, this conversation triggered a wave of actions from Foluso, which he described as “a personal vendetta.” He accused her of working against agreed-upon business goals, questioning financial systems they had both built, and taking drastic steps to protect her position.
Williams claimed that she locked him out of his company email and called a “kangaroo” shareholder meeting with two former employees who still held equity. She used this gathering to try to remove him as CEO. However, Nigeria’s Companies and Allied Matters Act (CAMA) and the US company’s bylaws did not support her attempt, since only her vote counted. One of the ex-employees refused to vote, and the other had previously surrendered his rights to manage truQ.
Decision to walk away from truQ
Despite attempts to restore peace through mediation and shareholder meetings, Williams said the conflicts continued. He decided to resign to avoid further harm to both the company and his relationship with Foluso.
“I could either fight a legal battle and destroy our bond or walk away and let the business live,” Williams wrote. “I chose to walk away.”
He described his journey with truQ as an “exciting adventure,” adding that the experience allowed him to explore his creativity, work with top brands, and attract world-class investors.
Although Williams stepped down as CEO, he plans to stay involved in truQ’s growth. He revealed a transition plan that includes joining the board as an advisor and investor. He also plans to sell some of his equity back to the company.
Foluso Ojo, who previously served as co-founder and COO, has taken over as truQ’s new CEO.
truQ’s growth and logistics impact
Since it launched operations in 2022, truQ has rolled out products like truQ 1.0, a third-party logistics platform that enabled thousands of operators to fulfill delivery orders. Later, the company introduced truQ 2.0 (Siju by truQ), a tool designed to help manufacturing and distribution businesses plan and optimize large-scale deliveries.
The startup has supported thousands of fleet operators, powered a large number of delivery orders, and recorded millions of dollars in transaction volume. It has also won awards in the logistics and tech space.
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