Paystack Fires Co-Founder Ezra Olubi Amid Sexual Misconduct Allegations

Nigerian fintech company Paystack has dismissed its co-founder and Chief Technology Officer, Ezra Olubi, after allegations of sexual misconduct resurfaced online. The decision followed his suspension by the company’s Board of Directors, which had announced an internal investigation into the claims.

Olubi, who has played a central role in Paystack’s technical growth since its launch in 2015, confirmed the dismissal in a statement released on Saturday, November 22, 2025. He explained that the termination was communicated before the investigation was completed and without any opportunity for him to respond, which he described as a violation of Paystack’s own policies.

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He stressed that the allegations do not reflect his behavior and noted that he had fully cooperated with the Board. Olubi added that his legal team is reviewing the process to determine whether the company’s actions were consistent with its internal rules, and said he would refrain from further public comment for now.

Paystack has not issued any additional statement regarding the matter. The company, known for its partnership with Stripe and its role in Africa’s billion-dollar digital payments industry, now faces growing scrutiny over how it handled the allegations and Olubi’s exit. Analysts suggest the case could influence future standards of accountability and governance within Africa’s expanding tech ecosystem.

What you should know:

Ezra Olubi studied Computer Science at Babcock University.

He built a reputation as a software developer and IT expert, working on mobile apps and digital solutions before venturing into fintech.

In 2015, he co-founded Paystack with Shola Akinlade, aiming to simplify online payments for African businesses.

Paystack quickly became a pioneer in Nigeria’s fintech space, enabling merchants to accept payments via cards, mobile money, and bank transfers.

By 2016, the company had attracted international attention, securing funding from Y Combinator.

In 2020, Paystack was acquired by Stripe in a landmark deal worth over $200 million, cementing its role in Africa’s $1 billion digital payments market.

In November 2025, allegations of sexual misconduct against Olubi resurfaced on social media, including old tweets and claims from a former associate.

Paystack’s Board suspended him pending an investigation, but Olubi later announced that his employment was terminated before the inquiry concluded, claiming he was denied a fair hearing.

He stated that his legal team is reviewing the process for possible breaches of company policy.

Paystack has not issued a follow-up statement, leaving the case under public scrutiny.