By Nchetachi Chukwuajah
Paystack, the Stripe-owned Nigerian fintech, has explained that it sacked its co-founder and former Chief Technical Officer (CTO), Ezra Olubi, because of “significant negative reputational damage” caused by his resurfaced tweets.
In a statement shared with TechCabal on Monday, November 24, the company said the decision to sack Olubi is separate from the ongoing independent investigation into allegations of workplace misconduct.
The company stated that it acted under its contractual rights and “followed due process” in making the decision, adding that it had met all financial obligations owed to Olubi.
Paystack’s statement followed a post by Olubi on his personal blog that he was dismissed unfairly, and before the investigation was completed.
Olubi said he was not allowed to respond to the allegations before his contract was terminated, maintaining that the action contravenes the terms of his suspension and the company’s internal policies.
He also said that his legal team is reviewing the process that led to his termination and would explore possible steps.
Paystack, however, 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.
“This has no bearing and is separate from the independent investigation into the allegations of workplace misconduct, which remains ongoing.
“The review is being led by Aluko and Oyebode, the external law firm appointed by the board. It is continuing independently, and we will share updates once it is completed.”
Recall that Olubi was suspended by Paystack on November 14 to investigate an alleged sexual misconduct involving a subordinate that began circulating on social media.
The allegations followed resurfaced tweets by Olubi, reportedly posted between 2019 and 2013, containing sexually explicit comments, including wanting to photograph a coworker’s thighs and comments involving minors.
According to TechCabal, an internal source familiar with the matter, who pleaded anonymity, said Olubi’s response to the resurfaced tweets heightened internal concerns about whether he could continue in a leadership role during a period of intense public and regulatory scrutiny.
The source further said that Olubi has not acknowledged the seriousness of the tweets in light of the recent scrutiny and has consistently maintained that they’re harmless.
“This raised questions internally about whether he could continue in a leadership role while the company was facing intense public attention and heightened concern from regulators,” the source said.
