Nigerian fintech giant Paystack has terminated the employment of its co-founder and former Chief Technology Officer, Ezra Olubi, citing “significant negative reputational damage” to the company. The decision marks a dramatic turn in what has become one of the most high-profile controversies in African tech leadership.
What Happened?
The controversy erupted in early November 2025 when social media posts alleging abusive behavior by Olubi went viral, prompting users to resurface explicit tweets he had posted between 2009 and 2013. The allegations included claims of sexual misconduct involving a subordinate at Paystack.
Following the allegations, Paystack suspended Olubi and announced it would conduct an independent investigation. However, just one week later, the company terminated his employment.
Paystack’s Official Position
In a statement to media outlets, Paystack explained that the termination was based on reputational concerns rather than the ongoing misconduct investigation. The company emphasized its position as a regulated financial institution operating across multiple African markets.
Paystack stated it acted under contractual rights and followed due process in ending Olubi’s employment, confirming all financial obligations have been met. The company also clarified that an independent investigation into workplace misconduct allegations continues separately, being conducted by external law firm Aluko & Oyebode.
Olubi’s Response: Claims of Unfair Dismissal
In a blog post published on Saturday, November 23, Olubi contested the termination, stating he was dismissed without being granted a hearing or opportunity to defend himself. He argued the process appeared to violate the terms of his suspension and company policies he helped establish.
Olubi’s legal team is reviewing the termination process for consistency with internal policies, suggesting potential legal action ahead. He maintained that the resurfaced posts do not reflect his conduct or character, though he did not address the specific content of the controversial tweets directly.
The Bigger Picture: Why This Matters
For Paystack
Founded in 2015 by Olubi and Shola Akinlade, Paystack became the first Nigerian startup accepted into Y Combinator in 2016. The company was acquired by Stripe in 2020 for more than $200 million, cementing its position as one of Africa’s most successful fintech exits.
This leadership crisis represents the company’s first major governance challenge since the Stripe acquisition. As a regulated financial services provider, Paystack faces heightened scrutiny from regulators and customers who expect exemplary conduct from leadership.
For African Tech
The Olubi case has reignited crucial conversations about accountability, workplace culture, and governance standards in Africa’s rapidly expanding tech ecosystem. It follows a pattern of leadership scandals that have tested how the continent’s startups handle misconduct allegations.
Leadership behavior in financial services carries particular weight because regulators expect executives to maintain standards that protect customers and build market trust. Paystack’s decision reflects a broader global trend where financial institutions proactively address potential regulatory concerns.
What Happens Next?
Several key questions remain unanswered:
- Legal Challenge: Will Olubi pursue legal action over the termination process? Any lawsuit could force additional disclosures about the company’s internal procedures.
- Investigation Outcome: The independent investigation into workplace misconduct allegations continues. Its findings could significantly impact how the situation is ultimately perceived.
- Stripe’s Role: Paystack’s parent company, Stripe, has not issued any public statements. Whether they will weigh in remains unclear.
- Governance Reforms: How will Paystack rebuild trust with stakeholders, employees, and regulators? The company’s response in the coming months will be closely watched.
Industry Implications
This case serves as a critical moment for African tech companies to examine their own governance structures, workplace policies, and accountability mechanisms. As the ecosystem matures and attracts global investment, the expectation for professional conduct and transparent processes will only intensify.
For founders and executives across the continent, the message is clear: past behavior, internal culture, and leadership accountability matter more than ever in an era of heightened public and regulatory scrutiny.
Final Thoughts
The Paystack-Olubi situation is far from resolved. As legal reviews proceed and investigations conclude, the tech community will be watching how one of Africa’s most prominent startups navigates its most significant leadership crisis.
What’s certain is that this case will influence how African tech companies approach founder accountability, workplace culture, and crisis management for years to come.
This is a developing story. Techmoonshot will continue to monitor and update as new information becomes available.
