Breaking: Nigeria’s Leading Fintech Takes Decisive Action
UPDATE: Following our earlier coverage of Ezra Olubi’s suspension, the situation has escalated dramatically. In a shocking development that has sent ripples through Nigeria’s tech ecosystem, Paystack has now terminated the employment of its co-founder and Chief Technology Officer (CTO), Ezra Olubi. The dismissal, which Olubi confirmed on Saturday, November 22, 2025, follows allegations of sexual misconduct and the resurfacing of controversial social media posts from over a decade ago.
The Timeline of Events
Background: The Initial Suspension of Ezra Olubi
As we previously reported, the controversy began in mid-November 2025 when allegations of inappropriate behavior surfaced on social media. A former partner of Olubi publicly accused him of manipulation and abusive conduct, triggering a cascade of reactions online. The situation quickly escalated as users began sharing explicit tweets posted by Olubi between 2009 and 2013, many containing sexually suggestive comments.
Paystack responded swiftly to the allegations. On November 13, 2025, the company suspended Olubi from all duties and responsibilities, announcing that it would conduct a formal investigation. The company stated it was establishing a review process and intended to appoint an independent investigator to ensure transparency.
The Latest Development: Termination
However, just nine days later, on November 22, 2025, Olubi was informed that his employment had been terminated. This dramatic escalation has transformed the story from one of suspension and investigation to one of corporate action and potential legal challenges.
Ezra Olubi’s Response: Claims of Unfair Dismissal
In a blog post published on his personal website, Olubi expressed frustration with how the termination was handled. He claimed the decision was made before the investigation concluded and without giving him an opportunity to respond to the allegations.
“The decision was taken before the supposed investigation was concluded, and without any meeting, hearing, or opportunity for me to respond to the issues raised, in clear contravention of the terms of the suspension and Paystack’s own internal policies,” Olubi wrote.
The former CTO maintained that the posts being circulated do not reflect his conduct or character. He emphasized that he had cooperated fully with the Board’s directives and engaged with the investigation in good faith.
Olubi also revealed that his legal team is now reviewing the termination process to assess whether it aligns with Paystack’s internal policies. He stated, “My legal team is now reviewing the process that led to my purported termination, including its consistency with internal policies. They will take the steps they consider appropriate, and I will not be commenting further on this matter at this time.”
The Allegations That Sparked the Crisis
The controversy intensified when old tweets authored by Olubi between 2009 and 2013 resurfaced online. These posts contained explicit sexual content, inappropriate jokes, and comments that many found deeply disturbing. Some tweets referenced sexual acts with animals, made light of child sexual abuse, and included other highly offensive material.
One particular tweet from May 23, 2011, stated: “Monday will be more fun with an ‘a’ in it. Touch a coworker today. Inappropriately.”
Additionally, a former partner identified as Max Obae (also known as Maki) came forward with allegations of manipulation and abusive behavior during their relationship. In a live audio recording that circulated online, she described a pattern of control, emotional detachment, and alleged mistreatment.
Paystack’s Silence and Next Steps
As of now, Paystack has not issued any official statement regarding the termination. The company’s last public comment was its November 13 announcement confirming Olubi’s suspension and the launch of an independent investigation.
Sources close to the company, speaking anonymously, have indicated that the investigation may still be ongoing. However, the decision to terminate Olubi’s employment appears to have been made by the Board before any conclusive findings were formally communicated.
This silence has raised questions about Paystack’s internal governance, accountability procedures, and whether external public pressure influenced the company’s decision-making process.
Impact on Paystack and the Nigerian Tech Ecosystem
The termination of Ezra Olubi represents a significant moment for Paystack and the broader African tech sector. Olubi co-founded Paystack in 2015 alongside Shola Akinlade, and the company quickly became one of Africa’s most celebrated fintech success stories.
Paystack was the first Nigerian startup accepted into the prestigious Y Combinator accelerator program in 2016. In 2020, the company achieved a landmark exit when it was acquired by Stripe for over $200 million, one of the largest tech acquisitions in African history.
Olubi played a crucial role in Paystack’s technical development, overseeing the platform’s architecture and ensuring its reliability as it scaled across multiple African markets. His departure raises questions about continuity in the company’s technical leadership and potential impacts on ongoing projects.
The case has also sparked broader conversations about accountability, workplace culture, and ethical standards in Africa’s rapidly growing tech sector. Many industry observers view this as a watershed moment that may prompt other companies to revisit their internal policies and how they handle allegations of misconduct.
Public Reactions: Divided Opinions
The news has generated mixed reactions across social media platforms. Some Nigerians have praised Paystack for taking swift action, viewing the termination as evidence of a mature company willing to prioritize workplace safety over protecting high-profile executives.
One user commented: “Paystack acted like a mature company. They didn’t sweep things under the rug.”
However, others have expressed skepticism about the timing and process. Some suggest the termination may have been rushed due to public pressure, potentially creating grounds for Olubi to challenge the decision legally.
“He was fired BEFORE investigations were complete. What if this is deliberate to keep him? He can sue for wrongful termination and then be rehired,” one Twitter user speculated.
Legal Implications and What Comes Next
Olubi’s claim that his termination violated internal policies and the terms of his suspension could have significant legal implications. If his legal team determines that proper procedures were not followed, he may have grounds to challenge the dismissal.
Employment law experts note that companies must follow due process when terminating employees, especially in cases involving serious allegations. Failure to provide an opportunity for the accused to respond to allegations can be grounds for claims of wrongful termination or breach of contract.
For Paystack and its parent company Stripe, the handling of this case will likely be scrutinized by investors, employees, and industry stakeholders. The outcome may set precedents for how similar situations are managed in the future.
What This Means for African Fintech
The Olubi case highlights growing pains in Africa’s tech ecosystem as it matures. As startups become larger, more influential companies, expectations around corporate governance, transparency, and ethical behavior are increasing.
This incident serves as a reminder that past digital footprints can have long-term consequences, particularly for individuals in leadership positions. It also underscores the importance of having robust internal policies and processes for handling sensitive allegations.
For Nigerian fintech and the broader African tech sector, this case may catalyze important conversations about creating safer, more accountable workplace environments. Companies may be prompted to implement stronger codes of conduct, more comprehensive vetting processes, and clearer procedures for investigating and addressing misconduct allegations.
Looking Ahead
As Paystack navigates this crisis, several questions remain unanswered:
- Will the company release findings from its investigation?
- How will Olubi’s departure affect Paystack’s technical operations?
- Will Olubi pursue legal action against the company?
- What policy changes, if any, will Paystack implement moving forward?
The fintech industry and the broader Nigerian tech community will be watching closely to see how this situation unfolds. The case has already become a talking point about accountability, due process, and the challenges of managing high-stakes internal investigations in the public eye.
Conclusion
The termination of Ezra Olubi from Paystack marks a dramatic turn in one of Nigeria’s most successful tech stories. As we noted in our earlier analysis of his suspension, this case represents a critical moment for accountability in Africa’s tech sector. Now, with his actual termination, the stakes have risen even higher.
While the full details of the investigation remain unclear, the case has already sparked important conversations about workplace conduct, accountability, and corporate governance in Africa’s tech sector.
As the legal review proceeds and more information potentially emerges, this story will likely continue to shape discussions about ethical standards and best practices in the industry. For now, both Paystack and Olubi face uncertain paths forward, with reputations, legal rights, and the future of one of Africa’s premier fintech companies hanging in the balance.
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