Paystack, the Nigerian fintech company, has dismissed its co-founder and former Chief Technology Officer, Ezra Olubi, after a wave of sexual misconduct allegations triggered a high-level internal review.
The decision marks one of the most significant leadership shake-ups in the African tech ecosystem this year.
Allegations Spark Company Investigation
The controversy began earlier in November when accusations against Olubi circulated widely on social media, prompting Paystack to suspend him pending investigation. The company announced that it had initiated a formal inquiry and emphasised its commitment to a thorough and transparent process.
The allegations included resurfaced tweets from over a decade ago, containing explicit and inappropriate content. The posts, which drew widespread criticism, fuelled public pressure on the company to act swiftly.
Why Paystack Terminated His Employment
On November 22, Paystack officially terminated Olubi’s employment. According to the company’s internal communication, the decision was based on the significant reputational damage the allegations had caused, regardless of the investigation’s final outcome.
The company also confirmed that all financial entitlements owed to Olubi had been settled.
Olubi Says He Was Unfairly Treated
In a public statement, Olubi strongly criticised the process leading to his dismissal. He said he was removed before the investigation concluded and claimed he was not given a hearing or the chance to respond to the allegations formally.
He argued that the old tweets being circulated do not represent his present character and insisted that those who know him personally would attest to that. Olubi stated that his legal team is now reviewing Paystack’s actions and will decide on the next steps.
Growing Debate in the Tech Sector
The situation has sparked widespread discussion within Nigeria’s tech ecosystem about founder accountability, workplace ethics, and how companies should respond when allegations involve top leadership.
Paystack, acquired by Stripe in 2020 and regarded as one of Africa’s leading fintech success stories, now faces increased scrutiny over its internal governance and handling of reputational risks.
What Happens Next?
- The independent investigation launched by Paystack is still ongoing.
- Olubi has paused further public comments while his legal team reviews the matter.
- Industry stakeholders are observing how Paystack concludes the inquiry and whether the fallout will prompt broader reforms in the African tech scene.
