LAGOS, Nigeria — Nigerian fintech leader Paystack has officially terminated the employment of its co-founder and Chief Technology Officer, Ezra Olubi, following his recent suspension amid resurfaced allegations of sexual misconduct.
Olubi, who co-founded Paystack in 2015 and helped steer the company’s rise as one of Africa’s leading digital payment platforms, confirmed his dismissal in a public statement released on Saturday, November 22, 2025.
The move comes less than a week after Paystack’s Board of Directors suspended Olubi pending an internal investigation into allegations that resurfaced on social media, including old tweets and claims from a former associate. The company had described the suspension as part of an effort to ensure an “independent and transparent review.”
Olubi Confirms Termination Before Investigation Concluded
In his statement, Olubi disclosed that he was dismissed before the conclusion of the investigation, adding that the company had not given him an opportunity to respond to the allegations.
“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.
Olubi maintained that the allegations — particularly the resurfaced social media posts — did not reflect his behavior or values and insisted he had cooperated fully with the company’s board during the process.
He added that his legal representatives are reviewing the termination to determine whether due process and internal procedures were followed.
“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.
Company Silent as Public Scrutiny Grows
As of press time, Paystack had not issued a formal follow-up statement on the termination or provided updates on the ongoing investigation.
The fintech company — which was acquired by global payments giant Stripe in 2020 and plays a key role in Africa’s rapidly expanding $1 billion digital payments market — is now under growing public scrutiny for how it has handled both the allegations and Olubi’s exit.
Industry observers say the case highlights the need for clearer frameworks on workplace accountability, governance, and due process in Africa’s tech sector, especially as leading startups face increasing public and investor expectations for transparency and ethical leadership.
