Nigerian fintech Paystack has suspended its co-founder and Chief Technology Officer, Ezra Olubi, following allegations of sexual misconduct linked to old tweets that resurfaced on Thursday and rapidly circulated on X.
The company confirmed it has opened a formal investigation, reflecting increased attention to workplace conduct in Africa’s technology sector.
“Paystack is aware of the allegations involving our Co-founder, Ezra Olubi. We take matters of this nature extremely seriously. Effective immediately, Ezra has been suspended from all duties and responsibilities pending the outcome of a formal investigation,” the company stated.
“Out of respect for the individuals involved and to protect the integrity of the process, we will not be commenting further until the investigation is complete.”
Between 2009 and 2013, Olubi allegedly shared a series of sexually explicit tweets, including comments involving minors and references to sexualized anime characters.
While Olubi has previously been at the center of controversies—often due to his lifestyle and fashion choices—he was awarded the national honour, Order of the Niger, by former President Muhammadu Buhari in 2022.
In the wake of the backlash over his resurfaced tweets, Olubi deactivated his X account on November 13 and has not issued any public response to the allegations.
Olubi’s suspension comes amid growing public concern over child sexual abuse in Nigeria, where incidents involving minors have sparked national outrage and exposed gaps in the enforcement of existing laws.
Paystack is a Nigerian fintech company founded in 2015 by Shola Akinlade and Ezra Olubi. It provides payment infrastructure that allows businesses across Africa to accept payments online and offline via cards, bank transfers, USSD, QR codes, and mobile money.
In its early stages, Paystack joined the Y Combinator accelerator in 2016, receiving $120,000 in funding.
Later in 2016, Paystack raised $1.3 million in seed funding. By mid-2017, the company was processing around N1 billion in transactions each month. Its growth continued in 2018 with an $8 million Series A round led by Stripe, alongside participation from Visa, Tencent, and other investors.
In October 2020, Stripe acquired Paystack for approximately $200 million, marking one of the largest fintech exits in Nigeria.
