Paystack, the Nigerian payments firm backed by Stripe, has suspended its co-founder and Chief Technology Officer Ezra Olubi following serious allegations of sexual misconduct. The company confirmed the suspension as it launches a formal internal investigation into the claims, which first began circulating on social media earlier this week.
Allegations and Internal Response
The allegations involve a subordinate, according to Paystack. The firm issued a statement acknowledging awareness of the claims and said it treats them with the utmost seriousness. Effective immediately, Olubi has stepped away from all his duties. Paystack also emphasized that it will withhold further comment out of respect for both the individuals involved and the integrity of the investigative process.
While Paystack probes, public scrutiny intensified as users resurfaced old tweets allegedly posted by Olubi between 2009 and 2013. These posts drew shock for their sexually explicit and troubling content, including jokes involving minors and comments about coworkers. In one cited tweet, Olubi reportedly wrote, “Monday will be more fun with an ‘a’ in it. Touch a coworker today. Inappropriately,” raising questions about the tone and boundaries of his past online conduct.
Public Fallout and Reactions
Amid the uproar, Olubi appears to have deactivated his X (formerly Twitter) account. Many Nigerians on social media have expressed deep concern over leadership accountability in tech, calling the episode a test for workplace culture and ethics in Nigeria’s fast-growing startup ecosystem.
Some commentary has also linked the resurfaced tweets to broader discussions about power imbalance, especially when the person at the centre holds significant influence.
What This Means for Paystack
Paystack co-founded by Ezra Olubi and Shola Akinlade, has long projected values of integrity, transparency, and respect. The company now risks reputational damage if it fails to manage the investigation transparently and decisively.
At the same time, this incident comes shortly after regulatory issues: earlier in 2025, Paystack paid a ₦250 million fine after regulators accused it of operating a peer-to-peer payments app (“Zap”) in a way that contravened its switching and processing licence.
The Path Forward
Paystack says it will follow its internal policy and company values as it investigates. The outcome could shape how the firm addresses leadership accountability, workplace conduct, and its public reputation. For many Nigerian tech workers and observers, the investigation offers a crucial moment. If Paystack handles it well, it could strengthen trust. If not, the fallout could undermine confidence in one of Africa’s most influential fintech companies.
