Just over two weeks after suspending its co‑founder and Chief Technology Officer, Ezra Olubi, over allegations of sexual misconduct and resurfaced tweets, Paystack has terminated his employment. The fintech company said the decision was taken on 22 November 2025, citing significant negative reputational damage. In a statement shared with TechCabal, Paystack said it acted under its contractual rights, followed due process, and settled all financial obligations owed to Olubi.
The company clarified that the termination is separate from the ongoing independent investigation into workplace misconduct allegations. That review is being conducted by the external law firm Aluko & Oyebode, appointed by the Paystack board, and updates will be shared once it concludes.
In its statement, Paystack said: As a regulated company operating in multiple markets, we have a responsibility to act quickly when conduct has the potential to undermine trust. 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.
Responding to the termination in a blog post, Mr. Olubi said his name and reputation have been called into question because of information circulating online. He said the board placed him on suspension and initiated an independent investigation, and he refrained from making public comments to allow for a fair, thorough and unbiased review. He added that his silence created a vacuum that allowed assumptions and misrepresentations to spread without challenge.
Mr. Olubi said he was informed of his termination on 22 November, before the investigation was concluded, and without a meeting, hearing, or opportunity to respond. He described the action as in clear contravention of the terms of the suspension and Paystack’s own internal policies. He said his legal team is reviewing the process and will take appropriate steps, and that he will not comment further while they do so.
For HR professionals, the case underscores the importance of clear workplace policies and proper procedures when handling allegations of misconduct. Paystack’s statement repeatedly references contractual rights and due process, while Mr. Olubi’s account raises concerns about procedural consistency. The matter highlights why organisations in Nigeria need transparent suspension procedures, well‑documented investigation frameworks, and robust disciplinary policies, particularly for senior executives. Court decisions from the National Industrial Court continue to affirm that employers may be held responsible where workplace misconduct including harassment, abuse, or unfair treatment occurs under their supervision. (nicnadr.gov.ng)
The independent investigation into the allegations of workplace misconduct is ongoing. Further updates are expected once the independent investigation is completed or if additional actions are taken by Olubi’s legal team. Anchor News has reached out to Paystack for comments, but has yet to receive a response.
