Paystack, one of Nigeria’s leading fintech companies, has suspended its co-founder and Chief Technology Officer, Ezra Olubi, after old tweets containing sexually explicit comments resurfaced online.
The posts, which date back to years before Paystack was founded, quickly gained attention on X and sparked widespread public condemnation.
In a statement, Paystack confirmed that it has opened a formal investigation, describing the allegations as extremely serious. The company said Olubi has been removed from all duties while the inquiry is ongoing.
It also noted that it would not make further public comments until the process is complete, stressing the need to protect everyone involved.
How the issue escalated
Between 2009 and 2013, Olubi allegedly shared disturbing tweets that included sexual references involving minors and comments about sexualised anime characters.
When the posts resurfaced, social media users demanded accountability, especially because of Nigeria’s growing concern over child protection.
Olubi, who has often attracted public attention for his unconventional fashion and lifestyle, deactivated his X account on November 13.
He has not issued any personal response to the allegations. Despite past controversies, he has been recognised nationally in 2022, he received the Order of the Niger (OON) from former President Muhammadu Buhari.
Why this suspension matters
Paystack is a major player in Africa’s digital payments industry. Founded in 2015 by Shola Akinlade and Ezra Olubi, the company grew rapidly after joining Y Combinator in 2016. Within a few years, it moved from processing a few transactions to handling billions of naira monthly.
Investors such as Stripe, Visa, and Tencent backed the company early on. Stripe eventually acquired Paystack in 2020 for around $200 million, one of Nigeria’s biggest fintech exits. The company has since expanded its operations and even participated in acquiring Brass, another Nigerian fintech.
Because of its global visibility and relationship with international partners, Paystack is under pressure to handle the allegations with transparency.
The company’s response could influence how similar issues are addressed across Africa’s tech sector, where conversations about workplace ethics and accountability are growing louder.
What you should know
Olubi’s suspension comes at a time when Nigeria is becoming more vocal about child protection. Cases involving minors have triggered public outrage, pushing lawmakers to strengthen existing laws.
Just weeks ago, the National Assembly passed amendments to the Criminal Code Act, making life imprisonment the mandatory punishment for anyone convicted of defiling a minor.
The updated law also removes fines as an option and raises penalties for sexual offences involving children.
The amendments go further. rape is now treated as a gender-neutral crime, meaning both men and women can be prosecuted. The statute of limitation for child defilement has also been eliminated, allowing such cases to be tried no matter how much time has passed.