When Thepeer launched in 2021, it looked like one of those startups that would change how Africa moves money.
Built by Peerstack Technologies, the company wanted to make sending money between wallets as easy as sending a tweet , no cards, no banks, no stress.
Fast-forward to October 2025 and Thepeer is back in the news, not for innovation this time, but for serious money talk.
Sultan Akintunde, known on X as @hackSultan, dropped a long X thread claiming that millions from the company’s funds are missing. https://x.com/hacksultan/status/1983880801105190984?s=46
Thepeer, operated by Peerstack Technologies, launched in 2021 to help apps move money between wallets without cards or traditional bank friction. It built buzz quickly and raised a $2.1 million seed round in June 2022.
Public records list Kosisochukwu Chike Ononye and Michael “Trojan” Okoh as co-founders. Sultan says in his thread that he started the company with Okoh and later appointed Ononye as CEO
April 2024, Thepeer announced it was closing down, blaming “scaling and compliance” issues. The company said it would return leftover investor funds — and about $357k reportedly made it back.
What the Allegations Say
According to Sultan’s thread:
He says roughly $50,000 was spent on cars despite the company reportedly earning under $1,000/year.
He calculated about $1.2 million missing. Later, he says roughly $500,000 was “explained,” leaving around $700,000 still unaccounted for.
He claims the shutdown was timed with his push for an audit, and that visits to the Economic and Financial Crimes Commission (EFCC) are part of the story — though this remains his statement, not an official EFCC record.
He says he holds emails, recordings and documents — none of which are publicly verified yet.
What’s Confirmed vs What’s Not
Confirmed:
Thepeer launched in 2021, raised about $2.1 million seed in June 2022.
Thepeer shut down in April 2024.
Investors requested an audit after the shutdown.
An amount of about $357,000 reportedly returned to investors in 2024.
Unverified:
The exact figure of $700K–$1.2M missing: it remains an allegation by Sultan.
Whether the funds missing were investor capital or operational revenue — classification matters for tax and reporting.
Whether the EFCC has launched a formal investigation into Thepeer.
Whether an independent audit has been conducted and published.
So far, this is a story of claims and counter-claims, not court-tested findings
Why it matters
If the missing funds were investor capital, they’re treated differently than if they were company revenue. Corporate law in Nigeria through laws like the Companies and Allied Matters Act 2020 (CAMA 2020) and the EFCC Act — demands proper accounting and transparency from directors and startups. The absence of an audit or public rebuttal means unanswered questions remain.
Where Things Stand Today?
At this stage:
The allegations are public but unverified.
There’s no publicly released audit report tied to Thepeer’s closure.
Press coverage does not include a counter-statement from Ononye or Okoh at the time of writing.
We’ll update when any verifiable documentation surfaces.
