Paystack, a leading Nigerian fintech company, has suspended its Co-founder and Chief Technology Officer, Ezra Olubi, following an allegation of sexual misconduct involving a subordinate.
Newsonspot reports that the allegation, which surfaced on November 12, 2025, prompted the company to immediately open an internal investigation. Paystack confirmed the suspension, while Olubi has not issued any public comment and reportedly declined multiple requests for response.
In its official statement, the company said:
“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 fintech giant added that no further comments would be made until the investigation is concluded, in order to protect those involved and maintain the integrity of the process.
Following the allegation, old tweets allegedly linked to Olubi – dated between 2009 and 2013 – began circulating online. The posts contain sexually explicit jokes, remarks about colleagues, and other statements many users have described as inappropriate. However, because the tweets are over a decade old and have never been addressed by Olubi, their original context remains unclear.
Olubi deactivated his X (formerly Twitter) account on November 13, a day after the allegations emerged.
This development comes at a time when discussions about workplace behaviour, accountability, and safeguarding are intensifying across Africa’s fast-growing tech ecosystem. Recent cases within the industry have led to increased calls for stronger governance structures and clearer reporting frameworks in startups.
Founded in 2015 by Ezra Olubi and Shola Akinlade, Paystack has grown into one of Africa’s biggest fintech success stories. The company became the first Nigerian startup accepted into Y Combinator in 2016 and has since supported tens of thousands of businesses with payment infrastructure across the continent. In 2020, Paystack was acquired by Stripe for over US$200 million – one of the largest fintech exits in Nigeria’s history.
