Paystack co-founder suspended over damaging sexual tweets

The Stripe-owned payments powerhouse has removed CTO Ezra Olubi from all duties as an independent investigation begins, raising fresh questions about governance and accountability across Africa’s tech ecosystem.

By Nhlanhla Muthe

Paystack co-founder Ezra Olubi, who has been suspended pending an independent investigation into serious misconduct allegations.

Paystack, one of Africa’s most influential fintech companies, has suspended its co-founder and Chief Technology Officer, Ezra Olubi, following a wave of disturbing sexual misconduct allegations circulating on social media.

The suspension marks one of the most dramatic leadership crises to hit the continent’s fast-growing payments sector.

In a statement, Paystack said it is treating the allegations “extremely seriously” and confirmed that Olubi was suspended “effective immediately pending the outcome of a formal, independent investigation.”

The allegations were brought forward this week by a former partner of Olubi, whose posts, alongside resurfaced decade-old tweets containing explicit and troubling content, triggered a widespread public outcry. Olubi has since deactivated his X account and has not responded to requests for comment.

Founded in 2015 by Olubi and CEO Shola Akinlade, Paystack grew from a Lagos startup into one of Africa’s dominant payment gateways. The company processes transactions for over 200 000 businesses across Nigeria, Ghana, Kenya and South Africa, with expanding operations in Côte d’Ivoire and Rwanda. Its infrastructure also powers global brands operating in Africa through partnerships with Stripe, Microsoft, MTN, FedEx, Airbnb and UPS.

In 2020, Paystack was acquired by US payments giant Stripe in a mammoth deal worth over US$200 million, cementing its status as one of the most valuable fintech companies to emerge from the continent. The acquisition plugged Paystack into Stripe’s global merchant network and accelerated its expansion across Africa.

“Our board has now initiated a fair, transparent, and confidential review process led by an independent third-party investigator. Our priority is safeguarding the integrity of our workplace and protecting all employees,” Paystack added in its statement.

The unfolding scandal poses serious questions for governance standards across Africa’s tech ecosystem. “This is a defining moment. How Paystack handles this will set the tone for how misconduct involving senior leadership is addressed in African startups going forward,” said a Lagos-based fintech analyst.

According to Nigeria’s Punch newspaper, Stripe declined to comment on the investigation as the situation continues to develop and Paystack works to contain a reputational fallout across its African and global markets.