Paystack has fired its co-founder and ex-Chief Technology Officer Ezra Olubi, stating the move was made under company policy and separate from an ongoing external investigation into misconduct claims.
Official Explanation
In a statement to TechCabal on Monday, the payments firm said it acted swiftly to protect trust as a regulated business in multiple countries.
“We reviewed the matter and exercised our contractual rights with due process,” Paystack noted. “All financial commitments to Olubi have been fulfilled.”
The company stressed the decision stands apart from the independent review led by law firm Aluko & Oyebode. “Updates will follow once the investigation concludes,” it added.
Olubi’s Response
Olubi, who co-founded Paystack with Shola Akinlade in 2015, wrote on his blog that the dismissal came without a hearing or chance to reply.
“This seems to violate my suspension terms and internal guidelines,” he claimed. His lawyers are considering next steps.
Company Background
Paystack, Nigeria’s top payments processor, joined Y Combinator in 2016 as the first Nigerian startup. Stripe bought it in 2020 for more than $200 million, boosting Africa’s fintech scene.
The controversy unfolds as Paystack faces scrutiny over workplace issues, with the board promising full transparency.
