Paystack has shed more light on its decision to terminate the employment of its co-founder and former Chief Technology Officer, Ezra Olubi, saying a set of resurfaced tweets caused “significant negative reputational damage” to the company.
In a statement, the Stripe-owned fintech clarified that Olubi’s exit was carried out strictly under contractual provisions and “followed due process.”
The company maintained that the move had no connection to its ongoing probe into alleged workplace misconduct.
“As a regulated company operating in multiple markets, we must act quickly when any conduct threatens trust,” Paystack said. “After reviewing the situation, we exercised our right under his contract and followed due process to end his employment.” The firm added that all financial obligations owed to Olubi had already been fulfilled.
Paystack stressed that the dismissal stands apart from the independent investigation into workplace misconduct allegations. That inquiry, being led by law firm Aluko & Oyebode on behalf of the company’s board, remains in progress.
READ ALSO: Paystack Sacks CTO, Ezra Olubi, Over Resurfaced Misconduct Allegations
Industry analysts note that fintechs operate under tight regulatory scrutiny, and any blow to public confidence can trigger sanctions or increased oversight. Executives in the sector are therefore expected to uphold the highest governance standards.
Olubi, in a blog post published on November 23, 2025, confirmed he was informed of his termination on November 22. He argued that the decision came before the internal investigation was concluded and claimed he was not given a meeting, hearing, or opportunity to respond.
He said he chose to remain silent after his suspension to avoid influencing the board’s review, but regretted that the absence of his voice “created a vacuum” that allowed “assumptions and misrepresentations to spread without challenge.”
Olubi insisted that the old tweets which contained disturbing and sexually explicit content and which have been at the center of the controversy “do not reflect my conduct or the way I have lived my life.” He said he has always carried himself in a manner that respects “everyone’s dignity and safety.”
His X account has since been deactivated, while his legal team is currently assessing whether Paystack’s termination process aligned with its internal policies. Olubi noted that he will not be making further public comments while that legal review continues.
