Paystack, one of Africa’s leading financial technology companies, has suspended its co-founder and Chief Technology Officer, Ezra Olubi, following allegations currently under review.

The company confirmed the development in an official statement shared with BBC News Pidgin on Thursday, November 13, 2025. Paystack stated that the decision was taken in accordance with its internal policies and in the interest of ensuring a transparent investigative process.

“Paystack is aware of the allegations involving our Co-founder, Ezra Olubi. As of Thursday evening, November 13, 2025, Ezra has been suspended from all duties and responsibilities pending a formal investigation,” the company said.

Paystack added that its Board of Directors has begun a formal review and is working to appoint an independent third-party investigator to oversee the inquiry. The company emphasised that the process would be handled with fairness, confidentiality, and strict adherence to corporate governance standards.

“In accordance with our internal policies, we have initiated a review process led by the Paystack Board. We are in the process of appointing an independent investigator to ensure an impartial and thorough inquiry,” the statement read.

The fintech firm noted that it would not provide further comments until the investigation is completed.

“To protect the integrity of this process, we will not comment further until the investigation concludes.”

While Paystack confirmed the suspension, it did not reveal the nature of the allegations.

The company reiterated its commitment to maintaining a work environment that is safe, respectful, and supportive for all employees. BBC News Pidgin confirmed that attempts to reach Olubi for comments were unsuccessful.

Profile: Who Is Ezra Olubi?

Ezra Olubi, born in 1986 in Ibadan, Oyo State, is a respected Nigerian technology entrepreneur. According to his LinkedIn profile, he is a software engineering veteran with expertise in online payments, business automation, consumer web systems, and e-commerce technologies.

Olubi co-founded Paystack in 2016 with Shola Akinlade, creating one of the most influential payment solutions for businesses across Nigeria and Ghana. Paystack recorded exponential growth over the years, processing more than 50% of online payments in Nigeria by 2021 and serving over 60,000 businesses, including global brands such as FedEx, UPS, and MTN.

The company gained global attention in 2021 when American financial services giant Stripe acquired Paystack in a landmark deal reportedly worth $200 million, making it one of the largest fintech acquisitions in Africa.

In 2022, Olubi was conferred with the national honour of Officer of the Order of the Niger (OON) by former President Muhammadu Buhari.

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Paystack has suspended its co-founder and CTO, Ezra Olubi, following undisclosed allegations. The fintech company has initiated a board-led investigation and plans to appoint an independent third-party investigator to ensure a fair and confidential review.