Why we sacked Ezra Olubi – Paystack

Paystack has explained why it fired its cofounder, Ezra Olubi, saying his old resurfaced tweets caused “significant negative reputational damage” to the company.

According to TechCabal, the Stripe-owned fintech said it acted under its contractual rights and “followed due process,” stressing that the decision has nothing to do with the company’s ongoing investigation into alleged workplace misconduct.

“As a regulated company operating in multiple markets, we must act quickly when any conduct threatens trust,” Paystack said. “After reviewing the situation, we exercised our right under his contract and followed due process to end his employment.”

The company added that it has met all financial obligations owed to Olubi.

Paystack also stated that the move is separate from the independent investigation into workplace misconduct allegations. That review is being handled by law firm Aluko & Oyebode and is still ongoing.

Because fintechs operate under strict regulations, any dent to public trust can trigger sanctions or closer regulatory monitoring. The report notes that financial executives are expected to maintain strong governance standards at all time.

Meanwhile, in a blog post on Sunday, Olubi said his lawyers are reviewing Paystack’s process “and its consistency with internal policies.” He insisted the controversy around the tweets does not represent his character or conduct, saying he has always lived in a way that respects “everyone’s dignity and safety.”