Nigerian Fintech Giant Paystack Suspends Co-founder Ezra Olubi Over Resurfaced Sexual Explicit Tweets

Nigerian Fintech Giant Paystack Suspends Co-founder Ezra Olubi Over Resurfaced Sexual Explicit Tweets

Nigerian fintech giant Paystack has suspended its co-founder and Chief Technology Officer, Ezra Olubi, after years-old tweets containing sexually explicit content involving minors resurfaced and went viral on X. The development has intensified discussions about workplace ethics and accountability within Africa’s technology ecosystem.

In an official statement, Paystack confirmed it has opened a formal probe into the matter.
“Paystack is aware of the allegations involving our co-founder, Ezra Olubi. We take issues of this nature extremely seriously. Effective immediately, Ezra has been suspended from all duties pending the outcome of a formal investigation,” the company announced.
The firm added that no further comments will be made until the process is complete to preserve its integrity and the privacy of individuals involved.

Details of the resurfaced social media posts

Between 2009 and 2013, Olubi allegedly shared several sexually explicit tweets referencing minors and sexualized anime themes. Although he has been a recurring subject of social media debates due to his unconventional fashion style, the current backlash has been significantly more widespread.

Olubi, who received the national honour of Order of the Niger (OON) from former President Muhammadu Buhari in 2022, deactivated his X account on November 13 and has not issued any public statements since.

Paystack’s growing footprint in African fintech

Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack provides payment infrastructure that allows African businesses to accept and process transactions via cards, bank transfers, USSD, QR codes, and mobile money.

The company gained early international recognition after joining Y Combinator in 2016, securing $120,000 in seed funding. It later raised $1.3 million in seed financing and an additional $8 million in its 2018 Series A round led by Stripe, Visa, Tencent, and others.

In 2020, Stripe acquired Paystack in a landmark deal valued at approximately $200 million—one of the largest fintech acquisitions in Nigeria’s history. More recently, Paystack spearheaded a consortium to acquire Brass, an SMB-focused financial services platform.

Given Paystack’s influence and its deep integration with Stripe, the Paystack co-founder suspension is drawing considerable attention from industry stakeholders worldwide.

Legal context: Nigeria tightens laws on child protection

Olubi’s suspension coincides with heightened national concern over child sexual abuse. Recent high-profile cases have fueled calls for stronger enforcement and stricter penalties.

In response, the Nigerian Senate passed amendments to the Criminal Code Act on October 21, 2025, introducing tougher punishments for offenses involving minors. The updated Criminal Code (Amendment) Bill, 2025 (HB. 151) mandates life imprisonment for anyone convicted of defiling a minor, abolishing fines and eliminating previous statutory limitations.

The amendments also redefine rape to include both male and female perpetrators and establish a minimum 10-year sentence for rape convictions, addressing long-standing gender biases in the law.

About Author