• Latest
  • Trending
Police investigates GetEquity founders for Lagos startup unpaid cash

Police investigates GetEquity founders for Lagos startup unpaid cash

November 27, 2023
MTN South Africa and Ericsson’s upgrades promise faster, more reliable 5G

MTN South Africa and Ericsson’s upgrades promise faster, more reliable 5G

September 29, 2025
Deloitte invites high-growth startups to apply for Tech Fast 50

Deloitte invites high-growth startups to apply for Tech Fast 50

September 29, 2025
Zimbabwe adds e-hailing and short-term rentals to tax base

Zimbabwe adds e-hailing and short-term rentals to tax base

September 29, 2025
Egyptian startup Luciq launches Agentic AI for mobile app maintenance

Egyptian startup Luciq launches Agentic AI for mobile app maintenance

September 29, 2025
Seacom 2.0 set to propel Africa’s digital future forward

Seacom 2.0 set to propel Africa’s digital future forward

September 29, 2025
Xiaomi introduces Pad Mini and Redmi Pad 2 Pro worldwide

Xiaomi introduces Pad Mini and Redmi Pad 2 Pro worldwide

September 29, 2025
Top 10 Most Technologically Advanced Countries in Africa 2025

Top 10 Most Technologically Advanced Countries in Africa 2025

September 29, 2025
Bank of London founder faces Court battle with US investor

Bank of London founder faces Court battle with US investor

September 29, 2025
Meta introduces ‘Vibes’ for creating and remixing AI videos

Meta introduces ‘Vibes’ for creating and remixing AI videos

September 29, 2025
Alibaba launches new AI model and expands data centre footprint

Alibaba launches new AI model and expands data centre footprint

September 29, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Tech News Africa Tech News

Police investigates GetEquity founders for Lagos startup unpaid cash

Modupeoluwa Olalere by Modupeoluwa Olalere
November 27, 2023
149 1
0
Police investigates GetEquity founders for Lagos startup unpaid cash
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Peppa, an online escrow firm, has filed a police complaint against Jude Dike and Temitope Ekundayo, the co-founders of GetEquity, a “marketplace for private capital” that helps startup founders receive venture funding from retail investors. 

The police case is related to $43,000 Peppa raised using GetEquity, three sources told the media. The authorities detained GetEquity COO Ekundayo for two days in connection with the complaint, according to those individuals. After his release, GetEquity indicated it would sue. 

A request for information was sent to the Alagbon division of the Nigerian Police Force, but they did not reply. 

GetEquity told the media that the police report and co-founder’s incarceration were an “intimidation tactic,” as the business had previously paid $29,000 of Peppa’s $43,000. GetEquity says it paid the debt.

RelatedPosts

Egypt’s Tactful AI reacquired by founders to expand into Middle East, Europe

Nigerian fintech co-founder Fara Ashiru joins UK startup after Okra shutdown

LemFi acquires startup Pillar to launch new credit card for UK immigrants 

“We approached GetEquity to help us collect money from angel investors as part of a small family and friends round,” said a Peppa source who requested anonymity. 

GetEquity would collect these monies for Peppa and a commission under that contract. “As our company had completed a Know Your Customer (KYC) process, our agreement stated that we could collect the money raised whenever we were ready, and it would be wired to us,” claimed Peppa representatives.

Peppa closed the investment round in July, according to two GetEquity employees. GetEquity could not pay upfront and provided a four-week payment plan when it tried to collect the funds. GetEquity broke that payment plan.

Read also: Nigeria FCCPC investigates OPAY

GetEquity claims FX volatility compromised payment. 

GetEquity CEO Dike remarked, “As a business, we’ve had to deal with high volatility in the Nigerian exchange rates.” He said GetEquity app investors fund his startup. Retail investments come in other currencies, but the platform compensates startups in US Dollars.

While the corporation accounts for currency rate volatility, “volatility of the Naira increased exponentially between 2022 and 2023.” 

If an investor pays today, it takes two days to settle, and the US Dollar may have changed by N200.

It was true that Dike said, “This extreme volatility put us in a hole that we had to fix with our liquidity partners.” He said the company owed tens of thousands of dollars in payouts, but he didn’t say when its finances went terrible. 

Dike, on the other hand, says that the company fixed the problem in the end and that it agreed with Peppa to spread out the funds. When the cops were called, GetEquity still owed $14,000. 

FCCPC Investigates MultiChioce Company on Dominance Abuse

PEPPA submitted a police complaint as a last resort following months of negotiation with GetEquity, according to one employee.

It was true that Dike said, “This extreme volatility put us in a hole that we had to fix with our liquidity partners.” He said the company owed tens of thousands of dollars in payouts, but he didn’t say when its finances went terrible. 

Dike, on the other hand, says that the company fixed the problem in the end and that it agreed with Peppa to spread out the funds. When the cops were called, GetEquity still owed $14,000. 

PEPPA submitted a police complaint as a last resort following months of negotiation with GetEquity, according to one employee.

Tags: GetEquityPeppaStartup
Modupeoluwa Olalere

Modupeoluwa Olalere

Modupe is a tech content writer with 3+ years of experience turning complex ideas into clear, engaging stories. She covers innovation, digital trends, and emerging technologies. When she’s not writing, she’s exploring new tools or tracking trends shaping Africa’s tech ecosystem.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.