Paystack Marks 10th Anniversary with Major Restructuring – Co-Founder Ezra Olubi Absent
January 21, 2026
Lagos, Nigeria – January 21, 2026 – Nigerian fintech giant Paystack celebrated its 10th anniversary by unveiling a new holding company structure, announcing profitability, and outlining ambitious plans to expand into AI and beyond payments. However, the milestone came without one of its original founders: Ezra Olubi, whose controversial exit from the company in late 2025 continues to cast a shadow over the proceedings.
Founded in 2015 by Shola Akinlade and Ezra Olubi, Paystack quickly became one of Africa's leading payment platforms, processing billions in transactions and attracting a $200 million acquisition by Stripe in 2020. The company's 10th anniversary announcements included the formation of "The Stripe Group" as a parent holding company, aimed at driving growth in new verticals like AI-powered financial tools and regional expansion.
In a statement, Paystack highlighted its profitability milestone and commitment to innovation, but notably omitted any mention of Olubi. Sources close to the company confirmed that the former CTO and co-founder is no longer involved or listed among the new entity's founding shareholders, reflecting the fallout from his November 2025 termination.
The exit stemmed from allegations of sexual misconduct and workplace impropriety, triggered by resurfaced old tweets and claims involving a subordinate. Paystack initially suspended Olubi in mid-November 2025, stating an independent investigation was underway. Just days later, the company terminated his employment, citing "significant negative reputational damage" and exercising contractual rights. Paystack emphasized that the decision was separate from the ongoing probe into the misconduct claims and that all financial obligations to Olubi had been met.
Olubi publicly disputed the process, claiming he was fired without a proper hearing or chance to respond. In a statement shared on social media and reported by outlets like TechCabal and BBC Pidgin, he described the termination as "unfair" and said his legal team was reviewing the company's actions. He has threatened legal action, raising questions about due process in high-profile tech exits.
The scandal sparked wider debate in Africa's tech ecosystem about governance, accountability, and the long-term impact of social media history on leadership roles. Blogs and commentators, including Kinplus Technologies, framed it as a "wake-up call" for integrity in innovation.
Paystack's anniversary event focused on forward momentum, with CEO Shola Akinlade emphasizing the company's evolution under Stripe's umbrella. The restructuring positions Paystack for sustained growth, but the absence of Olubi—one of the "Godfathers" of Nigerian fintech—serves as a stark reminder of the challenges in balancing rapid scaling with ethical leadership.
As Paystack enters its second decade, the company appears committed to moving beyond the controversy. Whether Olubi's case leads to further legal or reputational repercussions remains to be seen, but for now, the fintech pioneer is charting its future without its original co-founder.