Paystack Terminates Co-founder Ezra Olubi Over Misconduct Allegations; Exit Procedure Faces Legal Review

Paystack, one of Africa’s most prominent payment technology companies and majority-owned by the global giant Stripe, has officially terminated the employment of its Co-founder and former Chief Technology Officer, Ezra Olubi, following serious allegations of inappropriate conduct involving a junior employee. This decision represents one of the most significant and high-profile leadership exits within Nigeria’s rapidly expanding tech ecosystem this year, and it has immediately intensified ongoing, critical discussions surrounding corporate governance, ethical workplace standards, and accountability mechanisms within the entire sector. Olubi publicly released a statement on Saturday confirming his departure, noting that his exit followed internal deliberations by the company after the initial allegations garnered widespread attention across various online platforms. His statement included a key point of contention: he disclosed that the company communicated his contract termination before the full conclusion of an independent internal review, prompting serious concerns regarding the manner, timing, and fairness of the decision-making procedure adopted by Paystack. Olubi explicitly stated that he was not afforded the opportunity to formally respond to the specific claims leveled against him before the termination notice was delivered. The former executive added that his legal representatives are now actively assessing the procedural steps taken by the company and are currently reviewing all potential next steps, emphasizing that he would refrain from any further public commentary while the sensitive matter undergoes formal legal scrutiny. The controversy initially gained significant momentum after various allegations surfaced online in mid-November, subsequently drawing renewed public attention to historic posts Olubi had published in earlier years. This incident rapidly sparked a crucial public debate across the region concerning the critical importance of maintaining professional boundaries, workplace ethics, and the need to cultivate a healthier cultural environment within Nigeria’s expanding technology sector. Governance analysts suggest that this high-stakes case reflects the growing, non-negotiable pressure on African startups to drastically strengthen their internal disciplinary systems, formalize transparent reporting mechanisms, and build organizational cultures that consistently meet established global standards for employee protection and leadership conduct. Legal experts further note that should the matter escalate to litigation, it could potentially set a significant precedent for how misconduct allegations involving senior executives in the tech industry are adjudicated, particularly where the strict compliance of internal procedures and specific employment contract terms are legally tested in court. Stakeholders across the Nigerian tech community have called for prudence and urged all companies to uphold maximally transparent processes that equitably safeguard both the individuals who make a complaint and the accused parties.