Paystack has officially confirmed that it terminated the appointment of its co-founder, Ezra Olubi, over what the company described as “significant negative reputational damage” linked to resurfaced tweets that generated widespread public outrage.
In a statement on Tuesday, the Stripe-owned Nigerian fintech said the decision was made under its contractual rights and followed due process, adding that all financial obligations to Olubi were fully settled.
“As a regulated company, we must act quickly when conduct could undermine trust,” Paystack said. “After review, we exercised our right under his contract to end his employment.”
The company also clarified that the action is separate from an ongoing independent investigation into workplace misconduct allegations against Olubi. That probe, currently being handled by law firm Aluko & Oyebode, is still underway. Paystack emphasised that the termination and the investigation are two distinct processes.
Sources familiar with the matter told TechCabal that concerns grew internally after Olubi’s response to the resurfaced tweets was regarded as dismissive, raising doubts about his ability to continue in a leadership role during regulatory and public scrutiny. The company feared the controversy could threaten its reputation at a time when financial institutions face heightened oversight.
Olubi, in a blog post, said his legal team is reviewing the company’s decision for consistency with internal policies. He insisted that the tweets do not reflect his character or how he conducts himself.
“I have always, to the best of my ability, conducted myself in a manner that respects everyone’s dignity and safety,” he wrote.
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The incident mirrors similar cases in the global financial sector, such as the early exit of former Absa Bank CEO Arrie Rautenbach following misconduct-related concerns highlighting how quickly institutions may act to protect governance standards.
Olubi’s removal marks a pivotal moment for Paystack as it works to maintain public confidence and meet regulatory expectations while navigating the complexities of founder accountability and corporate reputation.