Ezra Olubi’s Misconduct, 3 Other Scandals That has Happened in the Nigerian Tech

The Nigerian tech scene has long been celebrated for its innovation and ambition, but it has also faced its share of turbulence. One of the most talked-about controversies recently involves Ezra Olubi, co-founder and former CTO of Paystack. 

In November 2025, Olubi was suspended by the company after sexual misconduct allegations surfaced, involving a subordinate. The situation escalated when old tweets from 2009 to 2013 resurfaced, containing highly explicit content, including references to minors and sexualized anime characters.

A former partner also accused Olubi of manipulation and using his wealth and influence to exploit others. Aside from Ezra Olubi’s resurfaced tweets and misconduct allegations, here are other scandals 

Flutterwave – Security Breaches and Cyber Concerns

Flutterwave, one of Nigeria’s leading fintech startups, has also faced its share of controversies. In May 2024, the company blocked a significant security breach on its platform, with reports suggesting that as much as ₦11 billion could have been at risk. 

While no funds were officially lost, the incident raised serious questions about platform security. This wasn’t the first time Flutterwave faced scrutiny; in 2023, unusual transactions prompted rumors of a ₦2.9 billion hack, later clarified by the company as a system alert. 

These events exposed the challenges fintechs face in balancing rapid growth with cybersecurity, and highlighted the need for robust internal checks to protect both users and company reputation.

Patricia Technologies –  Hack and Withdrawal Freeze

Patricia Technologies, a Nigerian crypto startup, made headlines after losing around $2 million to a hack. The situation worsened as customers could not withdraw their funds for months, causing widespread frustration. 

In an attempt to resolve the issue, Patricia offered to convert customer balances into company shares, a move that sparked debate over trust and liquidity. While some repayments were made, the incident underscored the vulnerabilities of centralized crypto exchanges in Nigeria and the importance of transparent operational practices.

Binance vs Nigeria – Legal Clash Over Taxes

The final scandal involves the global cryptocurrency exchange Binance and the Nigerian government. In early 2025, the Federal Inland Revenue Service (FIRS) sued Binance for $2 billion in unpaid taxes and $79.5 billion in alleged economic damages linked to its operations in Nigeria. 

Allegations included improper tax registration and contributions to naira instability through P2P trading. The legal battle has been dramatic, with Binance executives detained in 2024 and multiple court adjournments. 

Binance has denied the claims but continues to face intense scrutiny, highlighting the complex relationship between global tech companies and Nigerian regulatory authorities.