By Adedapo Adesanya

Paystack has suspended its co-founder and chief technology officer (CTO), Mr Ezra Olubi, after a sêxual misconduct allegation involving a subordinate surfaced online this week.

The development, which was first reported by TechCabal, follows the circulation of posts on X (formerly Twitter) on November 12 alleging inappropriate behaviour.

In a statement confirming the suspension, the Stripe-owned payments company said it had activated its internal protocols to review the claims.

“We take any allegation of this nature extremely seriously,” the company noted, adding that Mr Olubi had been asked to step away from all operational duties while a formal inquiry proceeds.

Paystack stressed that it would not provide additional comment until the review is completed “out of respect for all parties involved.”

The online controversy has also revived scrutiny of several explicit tweets published by Mr Olubi between 2009 and 2013—long before the founding of Paystack—including posts with sêxual comments about colleagues, minors, and anime characters.

These resurfaced screenshots, which spread widely on X on November 13, came at a time when the wider African tech ecosystem is confronting repeated misconduct scandals involving senior leaders.

Mr Olubi, who was conferred a national honour by late President Muhammadu Buhari, has since deactivated his X account after the old posts went viral.

The spotlight on Paystack is particularly intense due to its prominence in African fintech. Since its 2015 launch and $200 million acquisition by Stripe in October 2020, the company has been regarded as a regional model for operational excellence, culture, and governance. With dozens of its alumni now leading or building companies across the continent, the outcome of this investigation is expected to have significant ripple effects, especially regarding expectations for leadership accountability and organisational safeguards in high-trust startups.

Paystack reiterated that its review process would be “fair, transparent, and structured,” in line with its internal policies and stated values around safety and respect in the workplace.

By Modupe Gbadeyanka

Some educational materials, food items, boats and other essential relief materials have been donated to some schools and orphanages in the Makoko area of Lagos State by Fidelity Bank Plc.

The items were given by the lender through by the Achievers Inductees Class of 2025 under the Fidelity Helping Hands Programme (FHHP), the bank’s staff-led CSR initiative where members of staff identify areas of critical interventions in their communities, raise funds and receive matching support from the bank’s management to execute the projects.

This is in a demonstration of its commitment to corporate social responsibility. Through FHHP, the organisation empowers communities across Nigeria by addressing key social issues in education, health, and welfare.

The Makoko outreach comes off the back of a similar FHHP outreach to Old People’s Home in Yaba, Lagos, reaffirming Fidelity Bank’s commitment to the sustainable development that begins with genuine care for people and their environment.

“At Fidelity Bank, we believe that when communities thrive, businesses prosper. Our commitment goes beyond banking, it is about improving lives, supporting education, and creating opportunities for growth.

“This donation reflects our dedication to nurturing the next generation and contributing to a better, more sustainable future,” the Divisional Head for Brand and Communications at Fidelity Bank, Mr Meksley Nwagboh, stated.

Expressing appreciation on behalf of the community, the traditional leader of Makoko, Mr Shemede Emmanuel Ajakaekun, commended Fidelity Bank for its compassionate donation.

“We are grateful that Fidelity Bank came down here to support us. May their work continue to flourish, and may God lift them higher. We hope they will not forget us but come back again to support our people,” he said.

Similarly, the Proprietor of Part of Solution Orphanage, Nursery and Primary School, Mr Shemede Taiwo, described the donation as life-changing for the children and residents.

“Many children here struggle to attend school because boats are expensive to build or hire. Fidelity Bank’s donation will make a huge difference in ensuring our children get to school safely and in ensuring the improved welfare of the residents of this community. We truly appreciate this gesture,” he remarked.

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has set  January 5, 2026, as the deadline for full compliance with the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025.

The regulations, which came into effect on July 21, 2025, under the Federal Competition and Consumer Protection Act (FCCPA) 2018, aims to promote fairness, transparency, and accountability across Nigeria’s growing digital lending market.

Recall that the regulations threaten non-compliant operators which risk fines of up to N100 million or 1 per cent of turnover, as well as potential disqualification of directors for up to five years.

The regulator noted that all affected operators, including lending platforms, service partners, and intermediaries, are expected to complete their compliance obligations by the date, adding that enforcement will begin immediately after the deadline.

To support operators in meeting the required standards, the commission in a statement on Thursday, issued an additional instrument, the guidelines on the Digital, Electronic, Online and Non-Traditional Consumer Lending Regulations, 2025, made under Sections 17 and 163 of the FCCPA. This document provides practical direction for lenders and intermediaries, explains the documentation required, and introduces updated Forms 1 and 3 based on feedback received from stakeholders.

The FCCPC said applicants with pending submissions may provide any additional information required under the new Guidelines without waiting for a formal request.

“The commission will continue to process applications promptly and maintain a transparent review process,” he said.

Speaking on this, the Executive Vice Chairman of the FCCPC, Mr Tunji Bello, stressed the importance of meeting this timeline, noting that “full compliance is not only a legal requirement but an important step in protecting consumers and ensuring that the sector continues to grow in a fair and responsible manner.”

“Operators have had ample time to adjust to the Regulations and the additional guidance now provided. We expect all obligations to be met before the deadline,” he added.

If registration is not met, FCCPC says measures may include restricting non-compliant entities from operating, directing partners or platforms to cease dealing with them, and applying other sanctions permitted under the law.

“The FCCPC is committed to promoting responsible digital lending practices that protect consumers and support confidence in the financial technology sector,” the statement added.