Paystack Announces Ezra Olubi Fired Over Significant Reputational Damage Caused By Resurfaced Controversial Social Media Posts

 

Paystack, the Nigerian fintech owned by Stripe, has officially announced the termination of cofounder Ezra Olubi following the resurfacing of controversial tweets that the company says caused “significant negative reputational damage.” The decision comes amid an ongoing independent investigation into workplace misconduct allegations, which Paystack emphasizes remains entirely separate from the firing.

The company stated that it acted in full compliance with contractual rights and due process, ensuring all financial obligations owed to Olubi were met. A spokesperson said, “As a regulated company operating in multiple markets, we have a responsibility to act quickly when conduct has the potential to undermine trust. After reviewing the situation, we exercised our right under his contract and followed due process to end his employment.”

While Paystack continues the independent inquiry into workplace misconduct, led by external law firm Aluko and Oyebode, the focus of Olubi’s termination is solely tied to the reputational impact of his past social media activity. Financial institutions like Paystack face heightened sensitivity around public perception, as trust and regulatory confidence form the backbone of their operations. Executive behavior that risks public trust can lead to rapid corrective action, and regulatory consequences are a persistent concern.

Industry observers point to recent examples such as Absa Bank in South Africa, where senior executives faced serious scrutiny resulting in early retirement. Such cases underscore the urgency with which financial institutions must act when reputational risks arise, even if the circumstances differ in detail.

Olubi has publicly stated that his legal team is reviewing the termination process, questioning its alignment with internal policies. In a blog post, he defended his character, asserting that the resurfaced tweets do not reflect his professional conduct or personal principles. He emphasized, “I have always, to the best of my ability, conducted myself in a manner that respects everyone’s dignity and safety,” while refraining from addressing the content of the tweets directly.

An internal source close to the matter told TechCabal that Olubi’s response to the tweets amplified concerns over whether he could continue in a leadership position amid heightened public scrutiny and regulatory attention. According to the source, his consistent characterization of the tweets as harmless raised doubts about his ability to protect the company’s reputation at a critical time.

Paystack maintains that the termination process and the workplace misconduct investigation are completely distinct, though Olubi contends that procedural inconsistencies cast doubt on the decision. The unfolding situation highlights the delicate balance between founder accountability, reputational protection, and adherence to internal policies. The final outcomes of both the termination and the ongoing investigation are expected to set a precedent for how one of Africa’s leading fintechs navigates scrutiny, leadership responsibility, and organizational governance in a highly publicized environment.