Nigerian fintech giant Paystack has terminated the employment of its co-founder and Chief Technology Officer, Ezra Olubi, following a suspension linked to resurfaced allegations of sexual misconduct.
Olubi, who has been at the forefront of Paystack’s technical development since its founding in 2015, confirmed the termination in a public statement on Saturday, November 22, 2025.
The move comes days after Paystack’s Board of Directors placed Olubi on suspension and announced an internal investigation into allegations circulating online.
The claims, which drew significant attention across social media platforms, include past tweets and personal grievances from a former associate. The suspension was initially described as a step toward an “independent” investigation into the matter.
Olubi’s Statement on Termination
In his statement, Olubi said the termination was communicated before the investigation was concluded.
“On Saturday, 22 November 2025, I was informed that my employment had been terminated. This decision was taken before the supposed investigation was concluded, and without any meeting, hearing, or opportunity for me to respond to the issues raised, in clear contravention of the terms of the suspension and Paystack’s own internal policies,” he stated
He said he was not given a chance to respond to the allegations, calling it a breach of Paystack’s policies, and maintained that the posts do not reflect his behavior, stressing that he cooperated fully with the Board.
Olubi noted that his legal team is reviewing the termination process and assessing its alignment with internal company policies.
“My legal team is now reviewing the process that led to my purported termination, including its consistency with internal policies. They will take the steps they consider appropriate, and I will not be commenting further on this matter at this time,” he said.
Paystack reacts
Reacting to Ezra’s claims, Paystack, in a media statement, said it terminated its cofounder’s contract on the grounds of “significant negative reputational damage” caused by his resurfaced tweets.
The company says this decision is separate from the ongoing independent investigation into workplace misconduct allegations.
Paystack said it acted under its contractual rights and “followed due process” in making the decision, adding that it had met all financial obligations owed to Olubi.
“As a regulated company operating in multiple markets, we have a responsibility to act quickly when conduct has the potential to undermine trust.
“After reviewing the situation, we exercised our right under his contract and followed due process to end his employment,” the company said.
“This has no bearing and is separate from the independent investigation into the allegations of workplace misconduct, which remains ongoing. The review is being led by Aluko and Oyebode, the external law firm appointed by the Board. It is continuing independently, and we will share updates once it is complete,” the company added.
With Olubi’s issue, Paystack, the fintech owned by global payments firm Stripe, is now facing heightened public scrutiny over the handling of the allegations and the co-founder’s exit.
Observers note that the handling of the case could set precedents for workplace accountability, governance, and reputation management within Africa’s growing tech ecosystem.
