Paystack Fires Co-founder, Ezra Olubi, for Alleged Misconduct

Emma Okonji

Paystack, a fintech company founded in Nigeria, that provides online and offline payment solutions for businesses, has finally sacked its co-founder, Ezra Olubi, after weeks of suspension, for alleged sexual misconduct.

Reacting to the purported sack, Olubi in a statement, said it violated both the terms of his November 13 suspension and the company’s own internal policies.

According to him, Paystack’s Board informed him of the decision without granting him a meeting, hearing, or opportunity to respond. These are actions he claims violate both the terms of his November 13 suspension and the company’s own internal policies.

“The 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 said in the statement.

He further said that his legal team was already reviewing the process and would “take the steps they consider appropriate.”

Following the alleged sexual misconduct that has to do with minors, Paystack placed him on immediate suspension after allegations surfaced from a former partner and screenshots he posted between 2009 and 2013 went viral.

The resurfaced posts, many containing sexualised comments about colleagues, references to minors, and apparent rape fantasies, sparked widespread outrage and prompted civil society groups, including the Centre for Anti-Corruption and Open Leadership, to call on the Nigerian Police Force to investigate possible criminal offences.

Paystack, a payment solutions company, was founded in Nigeria by Shola Akinlade and Ezra Olubi, in 2016, and was acquired by Stripe for over $200 million in 2020. Paystack offers a range of tools for various business needs, including secure and easy payment processing, invoicing, subscription billing, and detailed reporting tools.