Paystack Suspends Co-Founder Ezra Olubi Over Sexual Misconduct Allegation Involving Subordinate

Paystack, the prominent Nigerian fintech company, has confirmed the suspension of its co-founder and Chief Technology Officer (CTO), Ezra Olubi, following serious allegations of sexual misconduct involving a subordinate employee that circulated widely on social media platforms this week. The suspension was made public today, Friday, November 14, 2025.

The decision to suspend Olubi is a precautionary measure taken by the company’s management as it initiates a comprehensive investigation into the claims. Paystack, which was acquired by Stripe in a landmark deal in 2020, emphasized its commitment to corporate governance and maintaining a workplace free from harassment.

“The company takes all allegations of misconduct seriously,” a source close to the Paystack management stated, underscoring the company’s zero-tolerance policy regarding any violation of its ethical codes and commitment to ensuring a safe and equitable environment for its staff.

Focus on Corporate Governance

The incident immediately thrust Nigeria’s burgeoning technology sector, often seen as a model for innovation, into the spotlight over issues of corporate ethics and internal accountability. Olubi’s suspension is being closely watched by industry stakeholders, who recognize that the transparency and rigor with which Paystack handles the investigation will impact investor confidence and the overall public perception of the Nigerian startup scene.

The controversy was further fuelled on social media, where a torrent of commentary emerged, not only focused on the current allegations but also resurfacing some of Olubi’s past, polarizing social media posts that date back over a decade.

While the investigation is ongoing, industry experts suggest the situation at Paystack will likely encourage other rapidly growing startups to reinforce their internal policies, strengthen their Human Resources governance frameworks, and proactively ensure a culture of accountability amongst their senior leadership.