The Paystack co-founder suspension has become one of the biggest stories in Nigeria’s tech space after the fintech giant announced the immediate suspension of its Co-founder and Chief Technology Officer, Ezra Olubi, following allegations linked to old tweets that resurfaced on social media.
Paystack revealed that it has opened a formal investigation, emphasizing its commitment to maintaining professional and ethical standards across the company.
Paystack Co-Founder Suspension: Company Confirms Formal Investigation
In an official statement, the company addressed the matter directly:
“Paystack is aware of the allegations involving our Co-founder, Ezra Olubi. 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 statement read.
The company added that it would refrain from further comments until its findings are concluded, stressing the need to protect the integrity of the investigative process.
Old Tweets Resurface, Triggering Backlash
The renewed controversy stems from tweets allegedly posted by Olubi between 2009 and 2013, containing sexually explicit content and references involving minors and animated characters.
Olubi, known for his unconventional fashion choices and frequent social media debates, became a national figure in 2022 when he received the national honour of Officer of the Order of the Niger (OON) under former President Muhammadu Buhari.
Following the backlash over the resurfaced tweets, Olubi deactivated his X account on November 13 and has yet to respond publicly to the allegations.
Paystack: A Fintech Powerhouse Under Global Scrutiny
Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack has grown into one of Africa’s most influential payment companies. Its platform enables businesses to process payments via cards, transfers, USSD, QR codes, and mobile money.
Notable milestones include:
- 2016: Accepted into Y Combinator, securing $120,000
- 2016: Raised $1.3 million in seed funding
- 2017: Processed ₦1 billion monthly transactions
- 2018: Closed an $8 million Series A led by Stripe
- 2020: Acquired by Stripe for approximately $200 million
- 2023: Led a consortium acquisition of Brass
Because Paystack is integrated with Stripe and backed by global investors, the Paystack co-founder suspension is being closely monitored across the tech ecosystem.
Rising Concern Over Child Protection Laws in Nigeria
Olubi’s suspension coincides with intensified public awareness and legislative actions on child sexual abuse in Nigeria.
The Nigerian Senate recently passed amendments to the Criminal Code Act, establishing:
- Mandatory life imprisonment for anyone convicted of defiling a minor
- Minimum of 10 years for rape
- Gender-neutral definitions of rape
- Removal of statute of limitations for defilement cases
These reforms reflect Nigeria’s growing intolerance for offenses involving minors, adding weight to the public reaction surrounding the case.
In summary, the Paystack co-founder suspension marks a pivotal moment for one of Africa’s biggest fintech companies. As the investigation unfolds, both the tech community and international observers are watching closely to see how Paystack handles the matter given its global reputation and significant influence across the continent.
