Paystack, the Nigerian fintech firm now owned by global payments company Stripe, has suspended its co-founder and Chief Technology Officer (CTO), Ezra Olubi, following allegations of sexual misconduct involving a subordinate.
The move coincides with the launch of a formal investigation into the claims, which has also brought renewed attention to Olubi’s past social media activities.
The issue surfaced on social media on Wednesday after a former acquaintance of Olubi shared personal complaints online. This prompted a re-examination of tweets Olubi allegedly posted between 2009 and 2013, some of which reportedly contained sexually suggestive remarks involving colleagues and minors.
Olubi has since deactivated his X account. One tweet allegedly read: “I judge my female friends by the sound of their pee make. Thanks to the audio in my bathroom.”
Another stated: “Save water. Take a bath with your neighbour’s daughter.”
One of the most controversial tweets, dated 23 May 2011, reportedly said: “Monday will be more fun with an ‘a’ in it. Touch a coworker today. Inappropriately.”
In a statement confirmed to TechCabal, Paystack 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 company added that it would refrain from offering further comments while the investigation is ongoing.
“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 statement further read.
Founded in 2015 by Ezra Olubi and Shola Akinlade, Paystack is one of Nigeria’s leading fintech companies, providing both online and offline payment infrastructure for businesses across Africa.
In 2020, Paystack was acquired by Stripe for over US$200 million, marking one of the largest fintech exits in Nigerian history.
Olubi was instrumental in designing and scaling the company’s technology architecture, helping Paystack expand its services and establish a strong reputation within the global fintech ecosystem.
As the investigation continues, Paystack has affirmed its commitment to handling the matter with integrity and discretion, reinforcing the company’s stance on ensuring a safe and professional work environment for all employees.
