Paystack, one of Africa’s leading fintech companies, has parted ways with its co-founder and former Chief Technology Officer, Ezra Olubi, following a wave of sexual-misconduct allegations circulating online. While the claims remain unverified and no formal charges have been announced as of this publication, the controversy has sparked widespread discussion across Nigeria’s tech ecosystem and prompted the company to take swift internal action to preserve public trust.
In a statement released on Tuesday, Paystack said it had terminated Olubi’s remaining involvement with the company “effective immediately” after what it described as a review of the situation. The company did not confirm the details of the allegations but emphasized its commitment to maintaining a safe environment for employees and stakeholders. “We take any accusation of misconduct seriously and have procedures in place to respond responsibly,” the statement read.
The allegations first surfaced on social media, where several posts triggered a heated debate and created pressure for an official response. Industry observers note that the speed of Paystack’s decision reflects how reputational risks in Africa’s increasingly high-visibility tech sector are now taken more seriously than ever. With global investors watching and the sector striving to maintain credibility, companies are adopting more proactive approaches to crisis management.
Olubi, who co-founded Paystack in 2015 alongside CEO Shola Akinlade, has long been recognized as a key figure in Nigeria’s fintech revolution. His departure marks a significant moment in the company’s history, especially following Paystack’s landmark acquisition by Stripe in 2020. As of now, Olubi has not released an extensive public statement addressing the controversy, though sources close to him suggest he denies wrongdoing.
The development has renewed calls for stronger internal reporting structures, transparent investigations, and clear policies on workplace misconduct within African startups. Stakeholders say the situation—regardless of the eventual outcome—highlights the need for mature governance as the continent’s tech ecosystem continues to expand.
Paystack has assured customers and partners that its operations remain unaffected and that the company’s leadership remains focused on strengthening its culture and safeguarding its reputation.
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