Tech Scandal: Paystack Co-Founder Suspended Amid Allegations

The Nigerian payments giant Paystack has suspended its co-founder and Chief Technology Officer (CTO), Ezra Olubi.

This decision follows an allegation of sexual misconduct involving a subordinate that began circulating across social media platforms this week.

Paystack formally confirmed the suspension, stating that a comprehensive internal investigation into the matter has been immediately launched.

Company Initiates Formal Probe

The technology company acknowledged the severity of the situation. “Paystack is aware of the allegations involving our Co-founder, Ezra Olubi,” the company stated in an official communiqué.

The management emphasized its commitment to corporate responsibility:

“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 added that it would refrain from providing any further public comments until the investigation reaches its conclusion.

The Source of the Controversy

The initial allegation surfaced on Wednesday on social media. The controversy intensified after a local technology publication began reporting on dozens of Mr. Olubi’s social media posts dating back a decade.

The resurfaced posts, reportedly published between 2009 and 2013, contained highly sexually explicit comments. They referenced a desire to photograph a coworker’s thighs and included other inappropriate commentary involving minors.

One highly critical tweet from 2011 that resurfaced read: “Monday will be more fun with an ‘a’ in it. Touch a coworker today. Inappropriately.“

Mr. Olubi has maintained public silence. He has not addressed the resurfaced posts or the specific allegations of sexual misconduct. He deactivated his social media account on Wednesday, November 13, 2025.

The Rise of a Fintech Giant

Ezra Olubi co-founded Paystack in 2015 alongside CEO Shola Akinlade. The company quickly grew into a centerpiece of the African tech ecosystem’s success story.

It achieved international recognition when it was acquired by the U.S. payments giant Stripe in 2020 for a reported sum exceeding $200 million.

The current controversy has sparked widespread discussion on social media concerning corporate accountability. It also forces difficult conversations about the professional culture within the Nigerian technology ecosystem, particularly concerning workplace safety and harassment.

Broader Implications for African Tech

The incident poses difficult questions for one of Nigeria’s largest and most successful fintech companies. If past online posts can lead to the immediate suspension of a key tech leader, what other buried history might exist within the industry?

Furthermore, what implications does this event hold for the future governance and public trust of major African technology firms?

The unfolding situation serves as a critical test for Paystack’s commitment to its ethical guidelines. The resolution of this internal investigation will likely set a major precedent for how fast-growing African startups handle allegations of misconduct involving their highest-ranking founders and executives.

What should be the consequence? Should a successful co-founder be held to different standards than other employees? Share your views