Ousted Paystack Co-Founder Says Firing Contravened Policy, Weighs Legal Action

Just ten days after Paystack suspended its co-founder, Ezra Olubi, over disturbing allegations of sexual misconduct and resurfaced explicit posts, the company now faces an unexpected counter-narrative from the man it just formally fired.

On Sunday, November 23rd, Olubi published a blog post breaking his silence for the first time since WT confirmed his suspension. And instead of addressing the allegations directly, the former CTO took aim squarely at Paystack’s process, alleging that the company violated its own rules when it terminated him.

According to Olubi, the Board informed him of his dismissal on Saturday, November 22, before the “independent” investigation had been concluded, and without a meeting, hearing, or opportunity to respond to the issues at the centre of the probe.

He describes this as a “clear contravention” of the terms under which he was suspended and of Paystack’s internal policies, many of which he says he helped design during his years as the company’s technical and operational architect.

The tone of the blog post was clipped, careful, and unmistakably legal. Olubi reiterated that those who know him “personally or professionally” would understand that the posts circulating online do not reflect his conduct. But his central point was procedural, arguing that Paystack did not follow due process, and he has instructed his lawyers to review the entire termination.

This marks a significant turn in a saga that has already forced one of Africa’s most admired fintech companies into the harshest public spotlight of its existence.

When the allegations first surfaced, a mix of disturbing claims from a former partner and years-old explicit posts tied to Olubi’s X account, Paystack moved quickly. The company suspended its co-founder, launched a formal investigation, and assured staff and the public that the process would be “fair and transparent.”

At the time, Olubi’s decision to remain silent created a vacuum that allowed speculation, screenshots, and social-media interpretations to shape the narrative. His blog post fills that vacuum.

If Olubi’s account is accurate, that Paystack’s board chose to terminate a co-founder mid-investigation without offering him a hearing, that seems a departure from the standard playbook used by global tech companies facing allegations against senior executives. It also raises a new layer of scrutiny around who made the termination call, how its owner, Stripe, was involved, and whether the internal process collapsed under public pressure.

Paystack has not issued any new statement since Olubi’s termination. Stripe has remained silent. Olubi says he will not comment further.

But with his blog post, the story has acquired another tentacle from allegations of misconduct to a looming fight over internal process, fairness, and the integrity of decisions at the very top of one of Africa’s most prominent fintechs.