Williams Fatayo, co-founder and CEO of Nigerian logistics startup truQ, resigned after five years at the helm.
The departure follows ongoing leadership disagreements with fellow co-founder and COO Folusho Ojo, which remained unresolved despite efforts to find common ground.
Leadership clash drives CEO exit at truQ
Fatayo’s resignation stems from a clash over the company’s direction and governance. In a Medium post dated July 12, he revealed that tensions with Ojo had escalated, making it impossible to continue in his role.
Fatayo stated he would transition to a board-level position and sell part of his equity, signalling a strategic withdrawal rather than a complete severance from the company.
The internal conflict reportedly involved disputes over financial accountability and corporate governance, which truQ’s official statements acknowledged as serious concerns.
These issues contributed to the leadership shake-up, with Ojo now stepping up as the new CEO to steer the company forward.
Impact on truQ’s operations and future leadership
truQ, backed by Techstars and known for its innovative logistics solutions in Nigeria, faces a pivotal moment with this leadership change.
Fatayo’s exit marks the end of an era characterised by rapid growth and operational pivots.
Industry observers note that such transitions can be challenging and present opportunities for renewed focus under Ojo’s leadership.
Despite the upheaval, Fatayo’s move to a board role suggests he remains invested in truQ’s success.
The company’s ability to manage this transition smoothly will be crucial in maintaining investor confidence and continuing its trajectory in the competitive logistics sector.
This leadership change at truQ highlights startups’ complexities as they scale, especially when co-founders hold differing visions for the company’s path.
As of Sunday, the Nigerian startup community watches closely to see how truQ adapts to this new chapter.
About truQ
truQ is a Nigerian logistics technology company founded in 2019 and based in Lagos. It connects users, both individuals and businesses, with the closest available vehicles in real-time to move anything efficiently and affordably.
Acting like an “Uber for logistics,” truQ eliminates the hassle of finding trustworthy drivers, negotiating prices, and dealing with unreliable service.
The platform supports commercial fleet operators by providing smarter coordination, faster payments, financial support, and cost discounts.
truQ primarily serves B2B clients, including major retail brands, and aims to cover over 80 percent of Nigeria’s B2B logistics market, with plans to expand across Africa.