Fintech Bombshell: Paystack Suspends Co-Founder & CTO Ezra Olubi Over Sexual Misconduct Allegations

Paystack, the fast-growing Nigerian payments company, has placed Ezra Olubi, its Co-Founder and Chief Technology Officer, on suspension following serious sexual misconduct allegations. The company says it has initiated a formal internal investigation, signaling how seriously it’s treating the claims.

According to BusinessDay, the suspension became effective immediately after the accusations gained traction on social media. In a statement shared with TechCabal, Paystack acknowledged awareness of the allegations, adding that it would not comment further until the review is completed. 

Simultaneously, TheCable reported that the controversy stems from resurfaced posts on X (formerly Twitter) dating from 2009 to 2013. 

These posts allegedly include sexually explicit jokes about colleagues, references to experiencing arousal during business meetings, and remarks involving minors and sexualized fictional characters. 

Resurfaced Tweets Raise Major Red Flags

The backlash first erupted when users began circulating old tweets from Olubi’s deactivated X account. Many date back more than a decade and contain deeply disturbing content. According to TheCable, some of the most shocking posts mentioned erections during meetings, the objectification of coworkers’ bodies, and even references to minors. 

BusinessDay also highlighted a particularly controversial tweet from May 23, 2011, allegedly written by Olubi: “Monday will be more fun with an ‘a’ in it. Touch a coworker today. Inappropriately.”

There are also reports of posts involving bestiality, anime characters, and other sexual themes that many find deeply troubling, given Olubi’s position of influence. 

Paystack’s Response: Investigation Underway

In response, Paystack issued a statement confirming the suspension and announcing a structured review process. The company said the investigation will be “fair, transparent, and structured,” guided by its internal policies and core values. They emphasized a commitment to maintaining a safe and respectful workplace, especially as the allegations concern senior leadership. 

The fintech firm also noted that it would withhold further public comment “out of respect for the individuals involved and to protect the integrity of the process.” 

Public Reaction & Stakeholder Concern

The news has reverberated across Nigeria’s tech ecosystem. Many industry watchers view this as a pivotal moment for corporate governance, particularly in fintech companies where executive leadership significantly influences company culture.

Observers are calling the suspension and investigation a test of Paystack’s values. As a high-profile payments company backed by global financial giant Stripe Paystack’s handling of the situation could set an important precedent for how tech firms in Africa address misconduct at the top. 

On social platforms, users have expressed shock and outrage as more troubling tweets continue to surface. Several commentators are demanding more transparent and robust processes for dealing with leadership misconduct particularly when it involves power imbalances and potential harassment.

Why It Matters for the Tech Ecosystem

1. Leadership Accountability: The case shows that even founding members may be held to account publicly, sending a strong message to other executives.

2. Workplace Ethics: The controversy spotlights the long-term impact of social media behavior, especially when earlier posts reflect attitudes harmful to company culture.

3. Trust and Governance: With Paystack’s role in digital payments in Nigeria and across Africa, how it handles this crisis could influence investor confidence and user trust.

   4. Digital Legacy: The resurfacing of old posts underscores that public figures in tech need to be mindful of their digital footprints.

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    Paystack’s internal investigation is expected to be thorough. The company has stated it will follow through with its “fair, transparent, and structured” process in alignment with its values and policies. 

   If wrongdoing is confirmed, Paystack may need to make difficult leadership decisions potentially restructuring part of its executive team or instituting new governance safeguards.

  The outcome will be closely watched by investors, regulators, and other startups in Africa. How Paystack handles transparency and accountability now could define wider expectations across the tech ecosystem.