Thepeer Co-Founder Denies Fraud Claims Nearly Two Years After Shutdown, Says $750K Never Received

Gate News message, April 14 — Michael Okoh, co-founder of Nigerian fintech startup Thepeer, published a detailed rebuttal denying allegations that hundreds of thousands of dollars went missing before the company's shutdown nearly two years ago. Okoh, known publicly as Trojan, stated that an additional $750,000 often cited in fraud allegations was "never invested" into the company and that there was no missing money to misappropriate.

Trojan claimed Thepeer announced a $2.1 million seed round, but one investor failed to close their $750,000 commitment after SAFE agreements were signed. He also denied claims that seed funds were used to buy cars or that founders fraudulently pocketed any funds. According to him, the company moved countries with full investor approval and no regulatory or law enforcement agency ever contacted the company over financial concerns.

Trojan traced Thepeer's origins to late 2020 and acknowledged that internal governance and communication failures, not fraud, were at the heart of the dispute. He said the company failed to properly manage the exit of co-founder Sultan Akintunde, who stepped away from operations but remained a shareholder and was excluded from investor updates. Trojan stated that third-party mediation took place in November and December 2025, during which Akintunde was given access to company accounts, bank statements, and financial records, with all funds fully accounted for.

Trojan concluded by calling for a retraction of what he described as false allegations and said he would not address the matter further. As of publication, Akintunde has not publicly responded to Trojan's rebuttal.