Almost 2 years after, Thepeer co-founder denies fraud allegations, says disputed $750k was never received

Co-founder of Nigerian fintech startup Thepeer, Michael Okoh, known publicly as Trojan, has published a detailed rebuttal denying allegations that hundreds of thousands of dollars went missing from the company before its shutdown.

In the article published on X, Trojan stated that an additional $750,000, often cited in allegations surrounding Thepeer, was “never invested” into the company, insisting that there was no missing money to misappropriate.

He also denied claims that seed funds were used to acquire cars or that the founders fraudulently pocketed any funds.

The rebuttal comes nearly two years after Thepeer shut down operations, following public disputes involving investors and a former co-founder over the company’s finances.

Trojan claimed that Thepeer announced a $2.1 million seed round, but that one investor later failed to close their $750,000 commitment after SAFE agreements were signed.

According to him, negotiations to convert the investment into a priced round dragged on amid shifting market conditions, legal costs, and valuation disagreements, eventually collapsing. He said the company never received the funds.

“We never received that $750,000. There was nothing to fraudulently transfer,” he wrote.

Addressing relocation concerns previously raised by investors, Trojan said Thepeer moved countries with full investor approval and that letters supporting the move were signed. He also stated that no regulatory or law enforcement agency ever contacted the company over financial misgivings.

In the article, Trojan traced Thepeer’s origins to late 2020 and detailed the roles of its three founders, saying internal governance and communication failures, not fraud, were at the heart of the dispute.

He acknowledged that the company failed to properly manage the exit of one co-founder, Sultan Akintunde, who stepped away from operational duties but remained a shareholder.

According to Trojan, Akintunde was excluded from investor updates after becoming non-operational, a decision he admitted was a mistake that contributed to mistrust and speculation. He also said the company never implemented vesting structures to address equity changes, compounding the conflict.

Trojan further claimed that third-party mediation took place and that by November and December 2025, Akintunde was given access to company accounts, bank statements, and financial records. He said all funds were fully accounted for and described the allegations as “demonstrably false.”

He alleged that the audit requests and media attention that followed Thepeer’s shutdown in 2024 were instigated by Akintunde and framed as a shareholder action despite lacking broad investor support.

“When there’s a whiff of theft at a company, investors are the first to speak up. Ours haven’t, because there’s nothing to speak up about,” Trojan wrote.

He concluded by calling for a retraction of what he described as false allegations and said he would not address the matter further.

Technext previously reported on investor concerns and claims of missing funds following Thepeer’s shutdown. As of publication, Akintunde, referenced in earlier reports, has not publicly responded to Trojan’s rebuttal or our inquiries.