Paystack has suspended its co-founder, Ezra Olubi, following resurfaced allegations of sexual misconduct and troubling online behaviour.
According to a statement issued to TechCabal, the company said it took immediate action after becoming aware of the claims linked to Olubi. He has now been relieved of all duties pending the outcome of a formal investigation.
“Paystack is aware of the allegations involving our Co-founder, Ezra Olubi,” the company said.
“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, in order to protect the integrity of the process and out of respect for everyone involved, it will not issue further comments until the review is completed.
The recent uproar started after X user Max resurfaced allegations she previously made, including claims of workplace manipulation, mistreatment of staff, and an alleged inappropriate relationship with a subordinate. Her disclosures triggered renewed scrutiny of Olubi’s past behaviour, leading to several old tweets resurfacing online — many containing disturbing and inappropriate content.
The incident is significant for Paystack, one of Africa’s most influential and celebrated fintech companies.
Founded in 2015, Paystack was one of the first African startups to receive backing from Y Combinator. Its acquisition by Stripe in 2020 for over $200 million remains one of the biggest exits in African tech history.
As the investigation unfolds, many industry observers and concerned parties are watching closely, awaiting the outcome of what could become a defining moment for the company and the wider tech ecosystem.
