‘You have damaged our reputation’: Paystack reacts after co-founder Ezra Olubi alleged he was unfairly sacked

Paystack, the Stripe-owned Nigerian fintech, has terminated co-founder Ezra Olubi, citing “significant negative reputational damage” linked to resurfaced tweets.

According to the company, this decision is separate from an ongoing independent investigation into workplace misconduct allegations.

In a statement, Paystack said it acted under its contractual rights and “followed due process,” confirming all financial obligations to Olubi were 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,” the company said.

The company added that the independent review into workplace misconduct is ongoing and being led by law firm Aluko & Oyebode. Paystack stressed that the two processes are distinct.

Financial institutions face heightened reputational risk, the company noted, as trust and regulatory confidence are central.

Similar incidents, like the early retirement of former Absa Bank CEO Arrie Rautenbach over misconduct, illustrate how quickly institutions may act to preserve governance standards.

Recall that the co-founder had earlier, in a blog post, said his legal team is reviewing the termination for consistency with internal policies. He maintained that the controversy around the tweets does not reflect his conduct.

He said, “I have always, to the best of my ability, conducted myself in a manner that respects everyone’s dignity and safety.” However, Olubi did not address the issue that his tweets have raised in the post.

According to a source who confided in TechCabal, he said Olubi’s response to the resurfaced tweets raised concerns about his ability to continue in leadership amid public and regulatory scrutiny.

The source further revealed that the Paystack co-founder had downplayed the seriousness of the tweets, prompting the company to act to protect its reputation.

The termination highlights the tension between reputational management, due process, and founder accountability, marking a key moment for Paystack as it navigates public scrutiny and regulatory expectations.