Paystack suspends co-founder Ezra Olubi as Stripe orders independent review

Paystack has placed co-founder and CTO Ezra Olubi on indefinite suspension pending an investigation into allegations of sexual misconduct. Stripe, which acquired Paystack in 2020, has initiated an independent review. The company says payments remain uninterrupted while leadership manages the fallout and employees are directed to route media inquiries through centralized channels.

• Ezra Olubi is on indefinite suspension while an investigation proceeds.
• Resurfaced old tweets and new allegations intensified public scrutiny.
• Stripe has commissioned an independent review and is coordinating communications.
• The case has reignited debates about leadership accountability in Nigeria’s tech scene.

Paystack, a key player in Africa’s payments infrastructure and a cornerstone of the region’s fintech boom, processes millions of transactions each month for merchants across Nigeria and several other markets. The suspension of a high-profile co-founder has sent shockwaves through the ecosystem and across social media, prompting calls for transparency and due process.

Why did Paystack suspend co-founder Ezra Olubi?

According to internal communications and media reports, Paystack moved to suspend Olubi after allegations of sexual misconduct surfaced from a former associate. TVC News Nigeria first amplified the claims, which quickly spread online. Paystack’s leadership said the suspension is precautionary and will remain in place while an investigation runs its course.

How did old tweets escalate the backlash?

The controversy widened as old tweets attributed to Olubi, posted between 2009 and 2017, resurfaced and drew strong criticism. The posts included inappropriate remarks that many readers found troubling. Civil society groups and women’s rights advocates urged a thorough, independent process. The episode has sparked a broader conversation about workplace safety, power dynamics, and accountability in tech.

What is Stripe doing in response?

Stripe, which acquired Paystack in 2020 in one of Africa’s landmark tech deals, said it takes the allegations seriously and has engaged an independent review to ensure a fair process. Reuters reports that staff were advised to direct media requests to centralized legal and communications teams as the investigation proceeds.

Will this affect merchants and payments?

For now, Paystack says operations continue as normal. The company has appointed interim technical leadership to keep platforms stable and customer-facing services responsive. Market watchers note the immediate risk is reputational rather than operational, though prolonged uncertainty can test customer and investor confidence.

What does this mean for Nigeria’s startup culture?

The case has become a flashpoint for Nigeria’s fast-growing tech ecosystem. Industry leaders say the moment calls for stronger governance, clear codes of conduct, trusted reporting channels, and credible investigations that protect all parties. For a sector that has attracted global capital and attention, sustaining trust may hinge on how decisively companies handle allegations and what safeguards they put in place.

What happens next for Paystack and its stakeholders?

Paystack’s board has installed interim technical leadership and emphasized business continuity while the review proceeds. Investors and large enterprise clients are monitoring developments, with analysts warning that reputational risk may linger until findings are shared. As one market observer told Bloomberg, the operational impact may be limited in the near term, but perception can shift quickly.

For Africa’s wider startup landscape, this could be a catalyst for better governance playbooks. Expect renewed emphasis on whistleblowing safeguards, independent HR processes, and board oversight that scales as fast as the business. The outcome may well set a precedent others will follow.

For context on the sector’s rapid expansion and investor interest, see our coverage of GITEX Nigeria’s startup surge and how it shapes funding and policy priorities.

Could this reshape corporate governance across African startups?

Yes, it might. High-profile cases often drive policy change. Regulators and boards could push for clearer conduct standards, stronger reporting mechanisms, and third-party reviews when allegations arise. The goal is to protect employees, uphold due process, and preserve trust in a sector that has become central to the continent’s digital economy.

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