Exactly 10 days ago, social media erupted with allegations concerning Paystack co-founder Ezra Olubi, leading the company’s Board to suspend him pending an “independent investigation.” Now, in a new post titled “Terminated” on his personal blog, Ezra has confirmed that he has officially been fired from the company he co-founded.
Here’s everything we know so far.
Ezra says his reputation has been “called into question”
Ezra begins his statement by acknowledging that the allegations circulating online have damaged the reputation he has built over the years as Paystack’s co-founder and technical leader. He says these posts do not reflect his conduct or the way he has lived his life.
He was suspended as the Board launched an ‘independent’ investigation
According to him, the Paystack Board placed him on suspension after the allegations went viral and initiated what was described as an independent investigation. He says he chose to stay silent publicly to avoid interfering with the process and because he expected a fair and unbiased review.
This silence, he adds, created a vacuum that allowed assumptions and misinformation to spread.
Ezra denies the allegations circulating online
Without going into the specifics of the circulating posts, he states that those who know him personally and professionally are aware that the allegations do not reflect his character. He emphasizes that he has always conducted himself with respect for others’ dignity and safety.
He says he was terminated before the investigation was concluded
Ezra reveals that on Saturday, November 22, 2025, he was informed that his employment had been terminated. He claims that:
- The decision was made before the investigation was completed.
- There was no meeting, no hearing, and no opportunity for him to defend himself.
- This goes against the terms of his suspension and Paystack’s internal policies.
Ezra says the process contradicted systems he helped build
As a co-founder, long-serving board member, and technical leader, Ezra notes that he helped create the systems and processes that guide Paystack internally. He says he cooperated fully with the Board throughout the investigation “in good faith,” making the manner of his termination even more concerning to him.
His legal team is reviewing the termination
Ezra confirms that his legal team is now evaluating the process that led to his firing and whether it complies with Paystack’s internal policies. He adds that they will take appropriate steps and that he will not be commenting further at this time.
What this means for Paystack
This development marks a major twist in an already controversial saga:
- A co-founder being fired before the conclusion of an investigation raises questions about internal governance and due process.
- The company has not publicly responded to the claims in his blog as of the time of writing.
- The situation continues to evolve, and stakeholders across Nigeria’s fintech space are watching closely.
