Paystack Terminates Co-founder Amid Sexual Misconduct Investigation
Nigerian fintech giant Paystack has made the dramatic decision to terminate the employment of its co-founder and Chief Technology Officer, Ezra Olubi, following allegations of sexual misconduct that circulated online. The termination was confirmed by Olubi himself in a public statement released on Saturday, November 22, 2025.
The Allegations and Immediate Fallout
The controversy began when social media posts containing allegations against Olubi gained significant traction online. These included past tweets and grievances from a former associate, prompting Paystack's Board of Directors to take action. Initially, the Board suspended Olubi and launched an internal investigation into the matter, describing the move as a step toward an independent inquiry.
However, in a surprising turn of events, Olubi revealed that his employment was terminated before the investigation could reach its conclusion. He stated that the decision was made without any meeting, hearing, or opportunity for him to respond to the allegations raised against him.
In his statement, Olubi expressed his disappointment with the process: "This decision was taken before the supposed investigation was concluded, and without any meeting, hearing, or opportunity for me to respond to the issues raised, in clear contravention of the terms of the suspension and Paystack's own internal policies."
Olubi's Response and Legal Action
The co-founder maintained his innocence regarding the sexual misconduct allegations, asserting that the social media posts in question do not reflect his actual behavior. He emphasized that he had fully cooperated with the Board's investigation and had engaged with the process in good faith.
Olubi, who played a crucial role in establishing Paystack's internal systems and processes, revealed that his legal team is now reviewing the termination process. They are examining whether the company followed its own internal policies when making the decision to terminate his employment.
"My legal team is now reviewing the process that led to my purported termination, including its consistency with internal policies," Olubi stated. "They will take the steps they consider appropriate, and I will not be commenting further on this matter at this time."
Paystack's Significance in African Fintech
The termination marks a significant moment for one of Africa's most celebrated fintech companies. Olubi co-founded Paystack with Shola Akinlade in 2015 and helped build it into a payments powerhouse that revolutionized digital transactions across the continent.
Under their leadership, Paystack achieved remarkable success, culminating in its $200 million-plus acquisition by Stripe in 2020. The company has been widely credited with simplifying online payments for thousands of businesses and startups throughout Africa, providing seamless digital financial solutions that transformed the e-commerce landscape.
Prior to the allegations surfacing, Olubi had remained silent on social media, having deactivated his X account on November 13. At the time of writing, Paystack has not issued any follow-up statement regarding Olubi's departure from the company.
The situation continues to develop as both parties consider their next steps, with the Nigerian tech community watching closely how one of its biggest success stories handles this challenging situation.
