In a development that has stirred controversy in Nigeria’s tech sector, Paystack has confirmed that it terminated its co-founder and former Chief Technology Officer, Ezra Olubi, citing “significant negative reputational damage” as the cause. The company’s explanation, revealed in a statement to TechCabal, makes clear that the decision was separate from an independent probe into other allegations of misconduct.
According to Paystack, the decision to part ways with Olubi was made under contractual provisions and followed due process. The company insists it fulfilled all financial obligations to him. “As a regulated company operating in multiple markets, we have a responsibility to act quickly when conduct has the potential to undermine trust,” Paystack said.
Paystack also clarified that the termination does not affect the ongoing external investigation into allegations of workplace misconduct. That inquiry, being led by the law firm Aluko & Oyebode, is operating independently, the company said, and updates will be shared when it concludes.
From Paystack’s perspective, the reputational harm stemmed from highly inflammatory tweets from Olubi’s past that resurfaced online. The fintech argued that, in the context of regulatory risk, public trust was threatened by the resurfaced content.
An internal source, speaking anonymously to TechCabal, expressed concern that Olubi’s dismissive response to the tweets raised further doubts about his suitability to remain in a leadership role during a period of intense scrutiny.
Olubi, in turn, has strongly disputed Paystack’s account. In a blog post on November 23, he claimed that his termination occurred before the investigation was complete and that he was not afforded any hearing or opportunity to respond to the allegations — a breach, he says, of Paystack’s own internal rules.
He added that his legal team is now reviewing the dismissal process to assess whether it aligned with the company’s policies.
While Olubi denied that the tweets in question reflect his character today, he stopped short of addressing their content directly. “The posts being circulated do not reflect my conduct or the way I have lived my life,” he wrote.
