Paystack fires Ezra Olubi, that’s the headline dominating Nigeria’s tech ecosystem after the fintech giant confirmed that its co-founder and former CTO was dismissed over what it described as “significant reputational damage” to the company.
The statement, shared with TechCabal, marks Paystack’s first direct response since screenshots and commentary about Olubi’s exit went viral on X (formerly Twitter), sparking rumours, speculation, and heated debate about what really happened inside one of Nigeria’s most successful startups.
What Paystack Said and Didn’t Say
In the statement, Paystack stressed that the decision to fire Olubi was made under its “contractual rights” and followed “due process.” The company also noted that all financial obligations owed to Olubi were fully met, suggesting that the separation was not a dispute over compensation or equity.
Most importantly, the company said the termination was independent of the ongoing investigation referenced in recent tweets. This line matters, because much of the public conversation has tried to link the firing to broader allegations swirling online. Paystack’s message attempts to draw a clear boundary: yes, there was an investigation, but no, it wasn’t the reason for the dismissal.
Still, the company did not provide specific details on what exactly constituted the “significant reputational damage,” leaving room for continued speculation — and scrutiny.
Why This Story Matters
Paystack is not just another tech startup. It is one of Nigeria and Africa’s biggest fintech success stories, acquired by Stripe in 2020 in a landmark deal that validated the continent’s emerging startup ecosystem. Anything involving its founders carries substantial weight.
Ezra Olubi, known for his eccentric style and outspoken online presence, is one of the most recognisable figures in Nigerian tech. His sudden dismissal raises deeper questions about corporate governance, brand risk, and how far a company can go to protect its reputation, even when dealing with a beloved co-founder.
The language of the statement suggests something serious, but Paystack’s refusal to elaborate means the public may never know the full story. In tech ecosystems worldwide, however, founders being removed for reputational damage is not unusual. As companies scale and become more regulated, image becomes an asset — and a liability.
The Social Media Storm
The announcement did not happen in a vacuum. Online conversations intensified after Olubi’s own posts addressing his exit. Some users defended him, others criticised Paystack, and many questioned what events led to such a consequential decision. These conversations quickly merged with broader debates about workplace culture, founder rights, and transparency in Nigeria’s tech sector.
For Paystack, the timing was delicate. The company continues to expand across Africa, pitch to enterprise clients, and deepen its relationship with regulators. Managing public perception is increasingly critical.
Founder Exits in the Growth Stage
While dramatic, founder exits are part of the lifecycle of growing startups. As companies transition from scrappy innovators to structured global players, expectations shift. Decisions become more legal, more procedural, and sometimes more uncomfortable.
Whether this marks the end of the Paystack–Olubi relationship remains unclear. But the company’s carefully worded response shows an organisation trying to move forward without fuelling further controversy.
Final Thoughts
The story of why Paystack fires Ezra Olubi will continue to evolve as more context emerges if it ever does. For now, what’s clear is that one of Africa’s most influential fintechs has taken a serious internal decision and chosen to address it publicly, even if only partially.
For an ecosystem that often prefers silence over corporate transparency, that alone is newsworthy.