Michael Okoh, co-founder of the defunct Nigerian fintech Thepeer, has issued a comprehensive public rebuttal, breaking a nearly two-year silence to deny allegations of financial misconduct. The statement directly confronts claims made by former co-founder Sultan Akintunde following the company's 2024 shutdown. Okoh attributes the protracted dispute to internal governance failures and communication breakdowns, not the alleged misappropriation of investor funds.
Addressing the Core Allegations
At the heart of the rebuttal is the claim that a significant portion of the company's seed funding went missing. Okoh clarified that a committed $750,000 from one investor was never actually received after negotiations for a priced round collapsed amid shifting market conditions. He firmly stated that since the funds were never transferred to Thepeer, there was no money to misappropriate or fraudulently transfer.
The statement also categorically denies accusations that seed funds were used for personal expenses, such as purchasing cars for the founders. Okoh maintained that no funds were improperly pocketed and that the company's relocation to the UK occurred with explicit, signed approval from investors. He further noted that no regulatory or law enforcement agencies ever contacted the company regarding financial misgivings, challenging the narrative of a cover-up.
A Tale of Co-Founder Conflict and Governance Lapses
Okoh's rebuttal shifts the focus toward internal operational failures, admitting to significant mistakes in managing co-founder relationships. He acknowledged that the company failed to properly handle Sultan Akintunde’s transition away from daily operations, leaving him as a shareholder without formal updates. This lack of a structured process, including the absence of equity vesting schedules, created a governance vacuum that exacerbated tensions.
The communication breakdown was identified as a primary catalyst for the public fallout. Okoh conceded that excluding Akintunde from investor communications was a critical error that bred mistrust and allowed speculation to fester. This admission reframes the conflict as a consequence of poor management and unresolved personal issues rather than a deliberate act of financial deception by the leadership team.
Transparency and Investor Stance
To counter claims of a cover-up, the rebuttal details steps taken toward transparency after the dispute escalated. Okoh asserts that following third-party mediation, Akintunde was granted full access to company bank accounts and financial records in late 2025. This move was intended to demonstrate that all funds were fully accounted for and that the allegations were, as he described, "demonstrably false."
A key point in the defense is the conspicuous silence from Thepeer’s institutional investors regarding the alleged fraud. Okoh argued that if hundreds of thousands of dollars were truly missing, the investors would have been the first to demand accountability. Their lack of public action is presented as implicit validation that the company’s finances were in order upon its closure and subsequent return of unspent capital.
While Michael Okoh's statement provides a strong counter-narrative to the allegations surrounding Thepeer, the episode remains a significant case study for Africa's startup ecosystem. It underscores the critical importance of formal governance, transparent shareholder communication, and clear legal frameworks for managing co-founder disputes. The public fallout serves as a cautionary tale of how internal conflicts can ultimately overshadow a company's mission and legacy.