Paystack fires Ezra Olubi over reputational damage concerns
Key Points
- Paystack says it ended Olubi’s role to protect public trust. The firm says it followed contract rights and met payments.
- An independent workplace review is continuing under a law firm. The probe is separate from the firing decision and report.
- Ezra Olubi says lawyers are reviewing the termination for policy consistency. He insists his conduct always respected people’s safety.
Paystack has fired co-founder Ezra Olubi after screenshots of old posts resurfaced online and attracted public anger. The firm said it acted to protect public trust and regulatory confidence for its users and partners.
Image credit: Instagram / @ezraolubi
Paystack said it made the decision under its contractual rights and that it met all financial obligations to Olubi. The company added that its firing decision is separate from a concurrent workplace review led by law firm Aluko & Oyebode.
The company said rapid action is needed when conduct could weaken user trust in a regulated firm. Paystack described possible reputation harm as the main reason for the move, while the review of workplace claims continues.
How the posts and claims unfolded
Olubi removed his public X account after screenshots of old tweets began to spread online. See the old tweets deactivation report for the initial coverage of the resurfaced posts.
Reports then widened as a public figure, Max Obae, made further claims about a past relationship with Olubi and about conduct she described as harmful. The new claims intensified public scrutiny and drew media attention to the firm’s handling of the matter.
Paystack said it initially paused Olubi in line with internal policy while the company set up the independent review. The firm stressed that the pause and the later contract action were distinct steps taken for different reasons.
An internal source told reporters Olubi’s early replies to the resurfaced posts downplayed the posts’ seriousness. The source said his response raised doubts about his ability to lead amid public and regulator scrutiny.
Independent review and company stance
Paystack named Aluko & Oyebode as the law firm conducting the workplace review and said that work will continue independently. The company said it would publish outcomes when the review finishes and when legal steps allow disclosure.
Olubi issued a short blog post after his exit and said his legal team would check whether the termination matched company rules. He wrote that he has aimed to act in ways that respect people’s safety and respect, but he did not directly address the old posts.
Industry lawyers say firms face hard choices when public disputes involve senior founders and rapid public scrutiny. They add that firms must balance fair process with quick steps to calm things down and protect users.
Paystack pointed to past cases where regulated firms moved early to protect governance standards and regulatory ties. The company said maintaining regulator confidence matters when a firm handles financial data and customer funds.
Observers now expect the independent review and any legal questions to shape future steps by Paystack. The firm’s next public updates will likely focus on review findings and any policy or governance changes.
Several local outlets and social posts have followed the case closely and reported new claims and replies in near real time. One of those follow-ups included a fuller account of claims by Max Obae, which added pressure on Paystack and widened the public debate.
See the Max Obae abuse and misconduct claims for her account and details.
The episode highlights how quickly social posts can reshape public views of leaders and firms in the fintech sector. It also raises questions about how firms should balance quick action with fair review for senior staff.
Paystack’s move will be watched closely by other fintech firms and regulators across Nigeria and beyond. The outcome of the independent review may set new expectations about founder conduct and firm responses.
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