Paystack suspends co-founder Ezra Olubi over sexual misconduct allegations

Paystack, the Nigerian payments company owned by Stripe, has suspended its Co-founder and Chief Technology Officer, Ezra Olubi, following allegations of sexual misconduct involving a subordinate.

The controversy gained traction on Wednesday after an individual who reportedly had a past relationship with Olubi shared personal accusations on social media. The post triggered the resurfacing of several disturbing tweets Olubi wrote between 2009 and 2013, many containing sexually suggestive comments about colleagues and minors. In the wake of the backlash, Olubi deactivated his X account.

Some of the old tweets drew strong public condemnation. One read: “I judge my female friends by the sound their pee makes. Thanks to the audio in my bathroom.” Another stated: “Save water. Take a bath with your neighbour’s daughter.” A 2011 tweet said: “Monday will be more fun with an ‘a’ in it. Touch a coworker today. Inappropriately.”

According to a report by TechCabal on Friday, Paystack confirmed it has launched a formal investigation into the allegations.

“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 said in a statement.

The firm added that it will not make further comments until the review is concluded. “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,” the company said.

Founded in 2015 by Olubi and Shola Akinlade, Paystack has grown into one of Africa’s leading payment companies. It became the first Nigerian startup to secure admission into Y Combinator in 2016 and has since expanded its services to tens of thousands of merchants across the continent.

The company achieved a major milestone in 2020 when Stripe acquired it for over $200 million, marking one of Nigeria’s biggest fintech exits. Olubi, as CTO, played a central role in building and scaling Paystack’s technology infrastructure within Nigeria and beyond.