Nigerian fintech powerhouse Paystack has formally terminated the employment of its co-founder and Chief Technology Officer, Ezra Olubi, days after suspending him over resurfaced allegations of sexual misconduct that gained renewed traction across social media platforms.
Olubi, who has been central to Paystack’s engineering vision since co-founding the company in 2015, confirmed his dismissal in a public statement on Saturday, November 22, 2025.
His announcement comes barely a week after Paystack’s Board of Directors disclosed that he had been suspended pending an “independent” investigation into allegations tied to old tweets and claims made by a former associate.
According to Olubi, he was notified of his termination before the investigative process was completed, without any formal hearing or opportunity to address the allegations. He described the move as a deviation from both the conditions of his suspension and Paystack’s internal procedures.
“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,” he said in his statement.
Olubi maintained that the online posts being recirculated do not represent his conduct and noted that he had cooperated with the Board throughout the process. He added that his legal team is currently examining the termination and evaluating its compliance with Paystack’s 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,” he added, declining to provide further comment.
Paystack—widely known for its strategic partnership with Stripe and its role in powering Africa’s $1 billion digital payments space—has yet to release a follow-up statement addressing the termination. The company now faces mounting scrutiny over its crisis management approach, internal governance, and transparency surrounding the incident.
Industry observers say Paystack’s handling of the issue could influence broader standards for accountability, corporate governance, and public communication within Africa’s expanding tech ecosystem.
