Paystack says it lawfully terminated the appointment of its Co-founder and former Chief Technology Officer, Ezra Olubi, insisting the decision complied with his contract and was not linked to the ongoing investigation into workplace misconduct allegations.
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The company released a statement on Monday confirming it had fulfilled all financial obligations to Olubi. It said it acted swiftly because the situation had the potential to affect trust in the organisation.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
According to the statement, Paystack exercised its contractual rights after reviewing the matter and followed due process in ending his employment. It added that the ongoing investigation into misconduct claims is being handled independently by the external law firm Aluko and Oyebode and will continue until the review is completed.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Olubi had earlier disclosed on his personal blog that he was dismissed before the investigation was concluded. He said he was not granted a meeting or a chance to respond before his contract was terminated, describing the move as a breach of his suspension terms and the company’s internal policies. He also noted that his lawyers are considering possible next steps.
Olubi and Shola Akinlade founded Paystack in 2015. The company became the first Nigerian startup accepted into Y Combinator in 2016 and was acquired by Stripe in 2020 in a deal valued at over $200 million.
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