Ezra Olubi, the renowned co-founder of the Nigerian fintech giant Paystack, has publicly disclosed that he was terminated from the company under circumstances he describes as unfair. He says he was dismissed while an internal investigation into allegations of sexual misconduct was still underway. The development has intensified scrutiny around governance and due process at one of Africa’s most high-profile fintech companies, which was previously acquired by Stripe.
The Allegations of Unfair Dismissal
Olubi says he was first suspended after online allegations surfaced and was informed that an independent investigation would follow. According to his account, he was later notified of his termination before the investigation concluded and without any opportunity to respond. He argues that this process violated Paystack’s internal procedures and amounted to an unjust dismissal.
Context of the Internal Investigation
The investigation was initiated in response to online accusations and resurfaced past posts that generated public criticism. Paystack suspended Olubi during this period but has not disclosed any findings or details about the investigation’s progress. Olubi maintains that he cooperated fully and expected the process to run its full course before any employment decision was made.
Paystack’s Corporate Stance
Paystack confirmed both the suspension and the eventual termination but has not publicly explained the specific reasons behind the dismissal. The company has not shared any conclusions from the investigation or addressed Olubi’s claims about procedural fairness. Stripe, as the parent company, has not issued any public comment on the matter.
Broader Governance Questions
The situation has fueled conversation about how tech companies in Africa handle serious allegations involving senior leaders. Observers note that cases involving founders test the independence and strength of internal governance systems. The incident also highlights how public pressure can influence corporate decision-making even before formal processes conclude.
Impact on the African Tech Ecosystem
Olubi’s prominence in the fintech sector has made the fallout especially visible across the tech community. His departure has sparked renewed debate about accountability, transparency, and power dynamics in high-growth startups. Many stakeholders are watching closely to see whether this case influences future governance standards in the region.
Olubi has stated that his legal team is reviewing the circumstances surrounding his suspension and termination. He has indicated that further steps will depend on legal advice and has declined additional public comment for now. With no resolution or legal action announced, the situation remains open and continues to shape discussions around founder rights and corporate governance.