Paystack, one of Africa’s leading financial technology companies, has suspended its co-founder and Chief Technology Officer, Ezra Olubi, following allegations of misconduct that surfaced online this week. The company confirmed the development in an official statement released on Friday.
According to Paystack, Olubi’s suspension is “effective immediately” and will remain in place while the company conducts a formal investigation into the claims. The fintech firm, which was acquired by Stripe in 2020, said it is committed to a “fair, structured and transparent process” as it reviews the allegations.
The allegations, which gained widespread attention on social media, include claims circulating in the public domain. However, Paystack did not disclose specific details, stating that it would refrain from further comment until the ongoing investigation is concluded. Olubi has not yet issued a public response.
The situation has sparked intense discussion across Nigeria’s tech ecosystem, with many observers stressing the need for due process and urging caution against the spread of unverified information. Legal experts also note that the company’s response reflects a growing trend toward stricter corporate governance and accountability within Africa’s technology sector.
Paystack, founded in 2015, processes payments for thousands of businesses across Nigeria and Ghana. The company rose to global prominence after becoming the first Nigerian startup accepted into Y Combinator in 2016 and later being acquired by U.S. payments giant Stripe for over $200 million.
As the investigation continues, Paystack has assured stakeholders that its operations remain unaffected. More updates are expected once the independent review panel completes its findings.
