Reputational fallout triggers Ezra Olubi’s sacking, as Paystack insists due process followed

Paystack has defended its decision to terminate the employment of its co-founder and former chief technology officer, Ezra Olubi, saying the move was driven by significant negative reputational damage stemming from resurfaced tweets, not the ongoing misconduct investigation involving him.

In a statement, the Stripe-owned fintech said it acted strictly within the boundaries of Olubi’s employment contract and followed all procedural requirements. The company noted that its obligations to him, financial and otherwise, have been fully met.

“As a regulated company, we must act quickly when conduct could undermine trust. After review, we exercised our right under his contract to end his employment,” Paystack said, adding that reputational risk remains one of the most sensitive issues for financial institutions.

Read also: Paystack fires co-founder Ezra Olubi over misconduct allegations

The company emphasised that the dismissal is entirely separate from an independent investigation into workplace misconduct allegations. That probe, led by Lagos law firm Aluko & Oyebode, remains ongoing. Paystack stressed that the two processes should not be conflated, underscoring that reputational harm alone can warrant decisive action in the fintech industry.

The company also drew parallels to similar governance responses in the sector, referencing high-profile cases such as the early exit of former Absa Bank CEO Arrie Rautenbach over misconduct concerns, an example of the speed with which institutions act to preserve trust.

Olubi, however, suggested in a blog post that his legal team is reviewing the basis of the termination and whether it aligns with internal guidelines. He did not address the tweets directly but maintained that he has always conducted himself in a manner that respects everyone’s dignity and safety.

Royal Ibeh is a senior journalist with years of experience reporting on Nigeria’s technology and health sectors. She currently covers the Technology and Health beats for BusinessDay newspaper, where she writes in-depth stories on digital innovation, telecom infrastructure, healthcare systems, and public health policies.

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