TLDR: Paystack has terminated Ezra Olubi’s employment, following the previous suspension. Olubi says the termination was unfair and plans to involve his legal team. The Paystack and Ezra Olubi drama continues to unfold.
On November 14, 2025, Giant African Payment Company Paystack suspended Co-founder and Chief Technology Officer Ezra Olubi over sexual misconduct allegations that started on X. The company also established an external investigation panel to examine the matter.
About a week later, on November 22, Paystack terminated Ezra Olubi’s employment. The latter fired back in his personal blog “SHIT EZRA SAYS”, calling the termination unfair based on these grounds:
- The setup investigation was yet to be completed before the termination occurred
- He (Ezra Olubi) was not given a chance to have a meeting or a hearing
- The termination violates the terms of his suspension and Paystack’s internal policies.
Ezra Olubi adds, “My legal team is now reviewing the process that led to my purported termination, including its consistency with internal policies. They will take the steps they consider appropriate, and I will not be commenting further on this matter at this time.”
Paystack has consequently responded, stating that Ezra Olubi’s termination followed due process. In their defence, the termination process is different from the ongoing investigation, which an independent party is carrying out. Paystack also stated that they met all financial obligations and that they had the right to terminate employment under Ezra Olubi’s job contract. All these were shared in a statement with Techcabal.
Paystack says, “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.”
Paystack was founded in 2015 by Shola Akinlade and Ezra Olubi with the goal of solving the challenge of online payments for African businesses. In 2016, it became the first Nigerian company to get into Y Combinator, which helped it gain funding and credibility. Over the years, Paystack grew rapidly, powering payments for thousands of businesses across Nigeria, Ghana, South Africa, and beyond.
In October 2020, Stripe, one of the world’s leading payment companies, acquired Paystack in a deal reportedly worth over $200 million. This acquisition marked one of the biggest exits in African tech history and helped strengthen Paystack’s capacity to expand across the continent while still operating independently under the Stripe umbrella.
