African payments giant Paystack on Monday confirmed the dismissal of its co-founder and former Chief Technology Officer, Ezra Olubi, stating the termination "followed due process" under its contractual rights.
The company's justification stands in direct contrast to claims from Olubi, who alleges he was fired unfairly before a separate, ongoing investigation into workplace misconduct had concluded.
In an official statement, Paystack clarified the basis for its decision, a critical step for a regulated company amid a public leadership dispute. The firm positioned the termination as a necessary action taken to maintain institutional trust, while distinguishing it from a separate internal matter.
The company stated that after a review, it "exercised our right under his contract and followed due process to end his employment," calling the decision an exercise of its "contractual rights." Paystack emphasized that this decision is "separate from the ongoing independent investigation into workplace misconduct allegations." The company added, "As a regulated company operating in multiple markets, we have a responsibility to act quickly when conduct has the potential to undermine trust."
Furthermore, Paystack confirmed it had met all financial obligations owed to its co-founder, signaling a formal severance of the employment relationship.
In a public rebuttal, Ezra Olubi disputed the circumstances of his exit from the company he helped establish. His account, which alleges the dismissal was improper, directly challenges the company's narrative.
On his personal blog, Olubi claimed he was given no opportunity to defend himself. "I was not given a meeting or an opportunity to respond before my contract was ended," he stated. He further contended that the company's action "appeared to contravene the terms of [my] suspension and the company’s internal policies."
Olubi concluded by noting that his "legal team would explore possible steps in response," indicating the dispute may escalate further. The conflicting accounts hinge on the timing and fairness of the dismissal, which both parties agree occurred while a separate investigation was underway.
Both Paystack and Olubi have stated the termination is a matter distinct from a pre-existing, independent review into allegations of workplace misconduct. This separate inquiry was initiated prior to the dismissal and continues, according to the company.
The review is being conducted by the external law firm , which was appointed by the company's board to ensure an impartial process.
Paystack has confirmed that the investigation "is continuing independently" and that the company will provide updates upon its completion. This unresolved leadership dispute places a spotlight on the journey of one of Africa's most prominent technology firms.
