Paystack, one of Africa’s most influential fintech players, has plunged into a governance crisis after terminating the employment of its co-founder Ezra Olubi, amid resurfaced allegations of sexual misconduct and explicit past tweets.
Founded in 2015 by Olubi and Shola Akinlade, Paystack processes online and offline payments for over 200 000 merchants across Nigeria, Ghana, South Africa and Kenya.
It is widely regarded as a pioneer of Africa’s digital payments revolution, handling billions in monthly transaction value.
In 2020, the company was acquired by US fintech giant Stripe, which was then valued at approximately $200 million, thereby expanding the American digital payments firm’s African footprint. The deal also made Paystack one of the continent’s most valuable payments assets.
The fallout began on November 12 when decade-old offensive tweets from Olubi’s personal account resurfaced on X.
Following an initial suspension, Paystack dismissed the Nigerian tech entrepreneur over the weekend before the company’s independent investigation concluded. In a public statement published on Sunday, Olubi confirmed his dismissal, blasting the decision as a violation of internal procedure.
“This decision was taken 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. My legal team is reviewing the process and will take the steps they consider appropriate,” he said.
Paystack insists it acted within its rights. In a statement seen by Techpoint Africa, the company said the move was necessary due to “significant negative reputational damage,” emphasising that the termination was separate from its ongoing misconduct investigation led by law firm Aluko & Oyebode.
“As a regulated company operating in multiple markets, we have a responsibility to act quickly when conduct has the potential to undermine trust,” Paystack stated.
The dispute now sets up a high-stakes legal showdown that threatens to draw in Stripe, whose ownership places global scrutiny on how the matter is handled. The clash could become one of African tech’s most far-reaching governance crises, testing investor confidence in the continent’s most celebrated payments unicorn.
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