Co-founder and CEO of Nigerian logistics startup truQ, Williams Fatayo, has announced his resignation from the company following unresolved internal differences.
In a detailed Medium post published on Saturday, Fatayo revealed that the decision was prompted by personal and leadership disagreements between him and his co-founder, resulting in his transition to a non-executive board role.
“I am leaving truQ — I have always known I had 7–10 years building truQ before we either get acquired or I step aside for another CEO to build on the PMF we would have achieved — but that’s not how the story played out,” he stated.
The idea for truQ (pronounced truck) was born in July 2019, when co-founders Williams Fatayo and Foluso Ojo encountered frustrating delays trying to move a wardrobe from Lekki to Berger in Lagos.
Without owning any trucks, the team developed a digital platform that allows truck owners and logistics companies to interact directly with individuals and businesses in need of haulage services.
The company’s model is asset-light and commission-based, enabling it to scale quickly by partnering with around nine logistics firms and over 70 individual truck owners. By providing operators with more frequent trip opportunities, truQ made it possible for them to reduce their rates while still maintaining profitability.
In its early stages, the company faced significant challenges, including navigating the complexities of working with drivers of varying literacy levels and Lagos’ traffic congestion. Nonetheless, the founders bootstrapped the business while holding onto other jobs, eventually going full-time in early 2020. Within nine months, truQ secured a spot in an accelerator program, gaining access to $100,000 in funding and support that helped propel its expansion.
Fatayo recounted how truQ evolved through three major iterations. According to him, the company started with truQ 1.0, a 3PL platform designed to give logistics operators easier access to demand.
“Our first answer was ‘simpler and more efficient access to demand’ — so we built truQ 1.0, a 3PL platform that powered a few thousand operators and helped them execute tens of thousands of fulfillments.”
With learnings from the first phase, the company launched truQ 2.0, also known as Siju by truQ, which focused on demand-side efficiency for large distribution and manufacturing clients.
“Siju powers delivery planning and optimization at scale for distribution and manufacturing businesses who were the heavy users of the access platform we had built in truQ 1.0.”
Eventually, the company introduced truQ 3.0, a super-app that integrated operational tools and innovative financial services for commercial logistics fleet operators.
“We built truQ 3.0 — a super app for commercial logistics fleet operators that solves all of their multi-faced problems, providing them with tools that help them be more efficient and delivering innovative and niche financial services that have never existed to them before.”
Fatayo stated that shortly after the launch of truQ 3.0, conflicts began to emerge between the founders over the direction and operation of the business.
“However, we had just gotten on the truQ 3.0 journey when my cofounder and I started having issues around how we run the business and several other personal differences.
“Attempts were made to manage these differences with no success, and it appeared we only had two choices: let these issues frustrate our work and kill the company or part ways as co-founders,” he said.
“Attempts were made to manage these differences with no success, and it appeared we only had two choices: let these issues frustrate our work and kill the company or part ways as co-founders,” he said.
Fatayo said he sought spiritual guidance before finalising his decision, which gave him clarity.
“The only reason I have any ease and comfort with the decision now was after extensively seeking God’s face as to what next… The only answer he gave me was Gen 26:18-22,” he stated.
Following consultations with the board and investors, Fatayo proposed stepping down from his executive role while retaining a minority stake and a board seat. His co-founder, Foluso, will now lead the company as Chief Executive Officer.
“We are in the middle of the transition plans sequel to my proposal to the business and our investors, to move my involvement in the business to board level… and hold the rest under Foluso’s leadership as the new CEO of truQ,” he said
As he steps back, Fatayo describes his journey at truQ as transformative, praising the team, investors, and early adopters who supported the vision.
He noted that building the company allowed him to explore his creative potential while attracting exceptional talent who shared his vision.
He also highlighted truQ’s impressive business milestones, including millions of dollars in transaction volume and strong industry-leading revenue margins.