truQ’s CEO walks after five years over co-founder dispute

Williams Fatayo, co-founder and CEO of truQ, has stepped down after five years of leading the logistics tech company. His resignation follows unresolved tensions with co-founder and COO Foluso Ojo over the direction and operations of the business.

In a medium post published July 12, 2025, Fatayo confirmed he’s transitioning to a board-level role and will sell back part of his equity. “We are in the middle of the transition plans… to move my involvement to board level,” he wrote, adding that Ojo will now serve as CEO.

Fatayo had quietly stepped away from day-to-day operations in February, according to LinkedIn records. His public statement followed months of internal conflict that escalated after he suggested bringing in a more experienced logistics lead. He claimed Ojo resisted accountability talks and  operational lapses under her leadership had left the company in about ₦100 million of debt.

“When about a year ago internal cracks started developing — Foluso Ojo, my co-founder and COO kicked off a vendetta campaign in her bid to protect herself from a difficult conversation we had been having for a while,” he wrote.

That conflict escalated quickly. Ojo reportedly called a shareholder vote to remove him as CEO. With no formal board in place, the decision came down to four shareholders. Fatayo and Ojo hold the largest stakes. One shareholder had previously waived voting rights, and another abstained—leaving the matter unresolved.

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This wasn’t the first disagreement between both co-founders, but Fatayo said previous tensions had been handled privately. “Until recently, we had a very solid co-founder relationship,” he said.

truQ launched in 2020 to improve short-haul logistics. It evolved through three versions: first as a 3PL platform (truQ 1.0) connecting businesses to drivers; then as Siju (truQ 2.0), a B2B tool for planning and managing deliveries; and finally as truQ 3.0—a super app for fleet operators offering logistics tools and financial services. According to Fatayo, truQ 3.0 powered thousands of fulfillments, generated millions of dollars in transactions, and delivered some of the company’s best revenue margins.

He said the launch of truQ 3.0 exposed deeper disagreements, especially around how financial missteps—like the ₦100 million debt—were being handled. In his words, the team faced a choice: “let these issues frustrate our work and kill the company or part ways as co-founders.”

He chose the latter. “The only answer God gave me was Gen 26:18–22,” he wrote, referencing a Bible passage about moving on to find space and peace.

Under Fatayo’s leadership, truQ gained traction with big clients and joined accelerator programs like V8 Growth Labs, Techstars, and the Google Black Founders Fund. These experiences helped the company grow revenue by 13× in 2021 and gave it access to global mentorship and capital.

In the same post, Fatayo credited the team, calling truQ “the most exciting adventure of my life.” He said the early team ran the business on Excel before a product ever existed, handling 2,000 deliveries and pulling in over $100,000.

“I have mastered how to go from -1 to 0, from 0 to 1,” he said, reflecting on the journey.

While the company has yet to issue a formal statement on the transition, Ojo now leads the company through its next phase. Questions remain about how her leadership will affect the business, especially following the public nature of the split. A similar co-founder fallout led to the shutdown of YC-backed fintech startup Pivo in 2023, showing how unresolved tensions at the top can reshape the fate of promising startups.

Fatayo says he remains invested in the company’s mission—just not from the driver’s seat.