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Paystack Terminates Cofounder Ezra Olubi Amid Controversy Over Old Tweets
Paystack, the Nigerian fintech company owned by Stripe, has announced the dismissal of its cofounder, Ezra Olubi, citing “significant negative reputational impact” stemming from the resurfacing of his past tweets. The company emphasized that this action is independent of the ongoing external inquiry into allegations of workplace misconduct.
Company Statement on Termination and Due Process
In an official communication to TechCabal, Paystack clarified that the decision to end Olubi’s employment was made in accordance with contractual provisions and after following established procedures. The company also confirmed that all financial entitlements owed to Olubi have been fully settled.
“As a regulated entity operating across various jurisdictions, we must act swiftly when conduct threatens to erode trust,” Paystack stated. “After a thorough review, we exercised our contractual rights and adhered to due process in terminating his employment.”
Paystack further stressed that this termination is unrelated to the ongoing independent investigation into workplace misconduct allegations, which is being conducted by the external law firm Aluko & Oyebode, appointed by the company’s Board. Updates on this investigation will be provided once it concludes.
Reputational Risks in Financial Services
Financial institutions face unique reputational challenges compared to other startups, as trust, regulatory compliance, and governance are foundational to their operations. When senior leaders’ actions jeopardize a company’s reputation, regulatory bodies may impose sanctions, given the executives’ responsibility to uphold robust corporate governance frameworks.
For instance, in May 2025, South Africa’s Absa Bank uncovered evidence of serious misconduct by top executives, which precipitated the early retirement of its former CEO, Arrie Rautenbach. While the specifics differ, both cases underscore how swiftly financial organizations act to safeguard regulatory confidence and public trust.
Olubi’s Response and Internal Reactions
In a blog post published on Sunday, Ezra Olubi stated that his legal team is examining the termination process, particularly its alignment with Paystack’s internal policies. He asserted that the controversy surrounding the tweets does not represent his character or behavior, emphasizing his commitment to respecting the dignity and safety of others. However, he did not directly address the content of the tweets. Attempts by TechCabal to obtain further comment from Olubi were unsuccessful at the time of publication.
An anonymous insider familiar with the situation revealed that Olubi’s reaction to the resurfaced tweets intensified concerns within the company about his suitability to remain in a leadership position amid heightened public and regulatory scrutiny.
According to this source, Olubi has downplayed the seriousness of the tweets, consistently describing them as innocuous. This stance raised internal doubts about his ability to lead effectively during a critical period for the company.
Distinguishing Between Termination and Ongoing Investigation
The insider clarified that the independent probe into workplace misconduct allegations is still underway and is separate from the decision to terminate Olubi, which was specifically related to the reputational damage caused by the tweets. Paystack maintains a clear distinction between these two processes.
Conversely, Olubi contends that the termination procedure was flawed and did not adhere to the company’s internal guidelines.
Implications for Paystack’s Future Governance
This unfolding situation highlights the complex balance between protecting corporate reputation, ensuring due process, and holding founders accountable. As one of Africa’s leading fintech startups, Paystack’s handling of this crisis will serve as a critical test of its governance maturity and resilience under scrutiny.
With the investigation ongoing, the outcome will reveal how the company navigates the challenges of leadership accountability and regulatory expectations in a rapidly evolving fintech landscape.
