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Paystack, a prominent fintech enterprise in Nigeria, has placed its co-founder and Chief Technology Officer, Ezra Olubi, on suspension following the resurgence of old tweets containing sexually explicit content.
These controversial posts, originating from years prior to Paystack’s establishment, quickly circulated on X, igniting widespread public backlash and calls for accountability.
In response, Paystack announced the initiation of a formal inquiry, emphasizing the gravity of the allegations. During this investigation, Olubi has been relieved of all his responsibilities.
The company also stated it would refrain from further public commentary until the investigation concludes, underscoring the importance of safeguarding all parties involved.
Escalation of the Controversy
Between 2009 and 2013, Olubi reportedly posted tweets containing inappropriate sexual references, including disturbing mentions of minors and sexualized depictions of anime characters.
As these tweets resurfaced, social media users intensified demands for justice, particularly in light of Nigeria’s heightened focus on child protection issues.
Known for his distinctive fashion sense and lifestyle, Olubi deactivated his X account on November 13 and has yet to publicly address the allegations.
Despite previous controversies, Olubi was nationally honoured in 2022 with the Order of the Niger (OON) by former President Muhammadu Buhari, highlighting the complexity of his public image.
Significance of the Suspension
Paystack stands as a key player in Africa’s digital payment ecosystem. Established in 2015 by Shola Akinlade and Ezra Olubi, the company experienced rapid growth after joining Y Combinator in 2016, scaling from processing minimal transactions to handling billions of naira monthly.
Early investments from global giants like Stripe, Visa, and Tencent propelled Paystack’s expansion. In 2020, Stripe acquired the company for approximately $200 million, marking one of Nigeria’s largest fintech exits to date. Since then, Paystack has broadened its footprint, including its role in acquiring Brass, another Nigerian fintech firm.
Given its international partnerships and visibility, Paystack faces considerable pressure to address these allegations transparently and responsibly.
The company’s handling of this situation could set a precedent for ethical standards and accountability within Africa’s burgeoning tech industry, where discussions around workplace conduct are gaining momentum.
Context and Legal Developments
Olubi’s suspension coincides with Nigeria’s increasing activism around child protection. Recent high-profile cases involving minors have sparked public outrage and prompted legislative reforms.
Notably, the National Assembly recently amended the Criminal Code Act, instituting life imprisonment as the mandatory sentence for individuals convicted of defiling minors.
These amendments eliminate fines as an alternative penalty and intensify punishments for sexual offenses against children.
Furthermore, the law now recognizes rape as a gender-neutral crime, allowing prosecution regardless of the perpetrator’s gender. The statute of limitations for child defilement cases has also been removed, enabling prosecution regardless of when the offense occurred.
