Fintech giant cites reputational damage, stresses dismissal is separate from workplace investigation
Paystack has announced the termination of its co-founder, Ezra Olubi, citing “significant negative reputational damage” tied to resurfaced social media posts.
The fintech company clarified that the dismissal is independent of an ongoing investigation into allegations of workplace misconduct. In a statement to TechCabal, Paystack said it acted within its contractual rights, following due process, and that all financial entitlements owed to Olubi have been 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 review is being led by external law firm Aluko & Oyebode and will continue independently.”
Olubi, however, disputed the dismissal, claiming it occurred before the conclusion of the investigation and without any opportunity for him to respond. In a blog post, he said the decision violated the terms of his suspension and Paystack’s internal policies.
He argued that the resurfaced posts do not reflect his conduct or values and stated he plans to pursue legal action to review the termination process.
The controversy began on November 12, when Olubi’s old tweets from 2009 to 2013 resurfaced on X, including comments about photographing a coworker’s thighs and references to minors, bestiality, and sexualized anime characters. The posts went viral, prompting Olubi to deactivate his account the following day.
Following the resurfacing of the tweets, Paystack suspended Olubi on November 14 and launched a formal investigation into the alleged sexual misconduct, which is ongoing.
