A Nigerian fintech startup that also returned investor funds after announcing its shutdown.
The African Startups That Imploded in 2025: Fraud, Missing Millions, and Public Meltdowns
Thepeer, a Nigerian fintech, shut down after co-founder Sultan Akintunde alleged $1.2 million in missing funds due to fraud. Paystack's co-founder Ezra Olubi was fired over misconduct allegations, raising questions about reputational risk and termination processes.
Condia Insider: Thepeer faces a peer review
Thepeer's co-founder Sultan Akintunde reopened discussions about the company's shutdown, alleging fraudulent activities and missing funds. Flutterwave has partnered with Polygon to facilitate stablecoin-based settlements across more than 30 African countries.
Okra to return three years of runway to investors
Okra has shut down after CEO Fara Ashiru's exit, returning an estimated $4 million to $5 million to investors. The startup raised a total of $16.5 million over five years, spending approximately 60-75% of its funding.
Exclusive: Thepeer returns $357,000 as investors move on from demands for an audit
Thepeer shut down in April 2024 and returned $357,960 to investors in June. The startup raised $2.1 million in a June 2022 seed round but had only $450,000 left when it shut down.
Thepeer: How to properly shutdown an ailing startup
Nigerian startup Thepeer announced its shutdown and the return of investor funds. South Africa granted licenses to 75 crypto assets providers, but crypto assets are not recognized as currency by the South African Reserve Bank.
