Paystack has terminated the employment of its co-founder, Ezra Olubi, citing “significant negative reputational damage” linked to resurfaced tweets as the reason for the dismissal. The fintech company emphasized that the action was independent of the ongoing investigation into allegations of workplace misconduct.
In a statement, Paystack said it acted within its contractual rights and followed due process, ensuring that all financial entitlements owed to Olubi were settled. “As a regulated company operating in multiple markets, we have a responsibility to act quickly when conduct has the potential to undermine trust,” the statement read. “After reviewing the situation, we exercised our right under his contract and followed due process to end his employment. This has no bearing and is separate from the independent investigation into the allegations of workplace misconduct, which remains ongoing.”
The company also explained that the ongoing investigation is being led by the external law firm Aluko and Oyebode and will continue independently, with updates to be shared once it is concluded.
This move follows resurfaced tweets from Olubi dating back to 2009–2013, containing sexually explicit remarks referencing coworkers, minors, and controversial content. The posts trended widely on X, prompting Olubi to deactivate his account. Following the trend, Paystack suspended him on November 14 and initiated a formal investigation into alleged sexual misconduct.
Olubi, however, argued in a blog post that his dismissal came “before the supposed investigation was concluded, and without any meeting, hearing, or opportunity for me to respond to the issues raised,” calling the termination inconsistent with Paystack’s internal policies. He also indicated plans to challenge the process legally.
Paystack maintained that the termination decision was driven by the need to safeguard the company’s reputation and uphold trust with clients, partners, and stakeholders, highlighting the importance of swift action when a senior executive’s conduct threatens public confidence.
