Paystack, a leading financial services provider, has terminated the employment of its co-founder and Chief Technical Officer (CTO), Ezra Olubi, following allegations of inappropriate messages posted on his X account (formerly Twitter) and alleged sexual misconduct.
Olubi was initially suspended while Paystack launched an independent investigation into the allegations.
The company later decided to end his employment.
Ezra co-founded Paystack in 2016 with Shola Akinlade. The e-payment platform was sold to Stripe in 2020 for $200 million a deal that has shaped the Nigerian FinTech ecosystem.
In 2022, Olubi and Akinlade were honoured with the Officer of the Order of the Niger (OON) National Honour by President Buhari’s administration, recognising their innovative contributions to Nigeria’s Technology sector.
In response to his termination, Olubi stated that Paystack dismissed him before completing the Independent investigation and without inviting him to discuss the matter, which he said was against company policy.
He noted that he had refrained from commenting when he was first suspended to avoid interfering with the investigation, expecting a fair and unbiased review of the allegations. Olubi insisted that the claims of sexual misconduct do not reflect his character or conduct.
“I have always conducted myself professionally and treated colleagues and associates with respect and dignity,” he said.
Olubi added that his legal team is reviewing the outcome of the events and will take further action if deemed necessary.
He concluded that he will not make additional comments at this time.
As of this report, Paystack has not issued an official statement on Olubi’s termination, though it had previously confirmed his suspension when the allegations surfaced.
