Paystack Explains Why It Sacked Co-founder Ezra Olubi, Citing ‘Negative Reputational Damage’
By Emmanuel Daniji
Paystack has officially confirmed that it terminated the employment of its Co-founder and former Chief Technology Officer, Ezra Olubi, following what it described as “significant negative reputational damage” linked to resurfaced posts on X (formerly Twitter).
In a statement made available to the press, the fintech giant said it acted under its contractual rights and “followed due process” in ending Olubi’s employment, adding that all financial obligations due to him had been fully paid.
The company stressed that as a regulated financial services provider operating in multiple markets, it had a responsibility to respond swiftly to any conduct capable of undermining public trust.
According to Paystack, the decision to terminate Olubi’s employment is separate from an ongoing independent investigation into workplace misconduct allegations. That inquiry is being handled by the law firm Aluko & Oyebode, appointed by the company’s board.
The controversy escalated after old posts attributed to Olubi resurfaced online, containing disturbing and sexually explicit remarks involving minors, animals, and colleagues. The posts, widely circulated on social media, triggered public outrage and intense scrutiny of Paystack’s leadership.
In a blog post published on November 23, 2025, Olubi confirmed that he was formally informed of his termination on November 22. He claimed he was neither given a meeting nor an opportunity to respond before the decision was made.
Olubi said he had deliberately remained silent after his suspension to avoid interfering with the board-led investigation, but acknowledged that his silence “created a vacuum” that allowed misinformation and assumptions to spread.
He maintained that the resurfaced tweets “do not reflect my conduct or the way I have lived my life,” insisting that he had always conducted himself in a manner that respects the dignity and safety of others.
While Olubi’s X account has since been deactivated, screenshots of the posts continue to circulate online, deepening public debate around the matter.
His legal team is now reviewing the termination process to determine whether Paystack complied with its internal procedures. Olubi has stated that he will not be making any further comments until that review is complete.
The development marks one of the most high-profile internal crises faced by the Nigerian-born fintech startup, which was acquired by Stripe in 2020 and remains one of Africa’s most respected digital payment platforms.
