Paystack Fires Co-Founder Ezra Olubi Amid Sexual Misconduct Allegations

Nigerian fintech unicorn Paystack has terminated the employment of its co-founder and Chief Technology Officer, Ezra Olubi, following a suspension tied to resurfaced allegations of sexual misconduct. The development has sparked intense public scrutiny as the company continues an independent investigation into the matter.

Olubi, who played a central role in building Paystack’s technology infrastructure since its launch in 2015, confirmed his dismissal in a public statement on Saturday, November 22, 2025.

Suspension and Allegations

The termination follows days of escalating controversy after Paystack’s Board of Directors placed Olubi on suspension and commissioned an internal investigation. The allegations—largely driven by viral social media discourse- involve past tweets and accusations made by a former associate.

At the time of the suspension, Paystack described its actions as a step toward conducting an independent and impartial review of the claims.

Olubi’s Response to His Termination

In his statement, Olubi said he was removed from his position before the investigation concluded, alleging that he was not given an opportunity to respond to the allegations.

He stated:

“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.”

Olubi added that the resurfaced posts do not reflect his conduct and emphasised that he fully cooperated with the Board during the process. He also disclosed that his legal team is reviewing the procedure followed by Paystack to determine whether it aligns with established internal 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’s Official Reaction

In a media statement responding to the controversy, Paystack confirmed that it terminated Olubi’s employment based on “significant negative reputational damage” caused by the resurfaced tweets and the broader public reaction surrounding them.

The company emphasised that the decision was carried out under its contractual rights and asserted that “due process” was followed. Paystack also stated that it has 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.

Paystack stressed that this termination is separate from the ongoing investigation into workplace misconduct allegations. The independent review is being conducted by the law firm Aluko & Oyebode, appointed by the Board and operating without influence from Paystack’s management.

Growing Scrutiny for Paystack

Owned by global payments giant Stripe, Paystack now faces heightened public scrutiny over its handling of the allegations, the speed of the co-founder’s termination, and the transparency surrounding the investigation.

As the external probe continues, industry stakeholders, customers, and the wider tech community await the findings of the independent review and Paystack’s subsequent actions.