After Paystack exit, what lies ahead for Ezra Olubi?
Paystack’s decision to fire its cofounder, Ezra Olubi, has triggered major debate across Nigeria’s technology and finance communities.
The case has also raised questions about his personal future, the future of Paystack, and the standards of conduct expected from leaders in the growing African fintech sector.
The company explained that it terminated Olubi because old posts of his resurfaced online and caused what it called significant negative reputational damage. Paystack said the comments in those posts created concerns for regulators and partners who expect strict professionalism from senior executives in financial companies.
In a statement shared with TechCabal, the company said it ended his employment by relying on its contractual rights and after following due process. It also said that all financial responsibilities owed to him had been settled. The company explained that it operates in several countries and is required to act quickly whenever the conduct of an executive has the potential to damage public trust. It said the decision to remove Olubi from his role was based on that responsibility.
The company insisted that the termination is completely separate from an ongoing independent investigation into allegations of workplace misconduct. That investigation is being handled by Aluko and Oyebode, a well known law firm appointed by the company’s board. Paystack said the review is continuing and that updates will be shared when the investigation is concluded.
Although the company has tried to separate the two issues, the timing of Olubi’s removal has led to intense discussion online and within Nigeria’s technology ecosystem. The tension between protecting corporate reputation, ensuring fairness to a company founder, and managing public pressure has created a complex moment for Paystack.
The wider context helps explain why the company acted firmly. Financial technology companies face a level of scrutiny that many other startups do not experience. Their operations depend on public trust. Regulators expect strong governance, transparent leadership, and professional behaviour from anyone who holds senior office. When the conduct of a key leader attracts serious negative attention, regulators may begin to question the company’s culture and its level of control. This is one reason why financial institutions often act quickly during controversies involving senior executives.
A similar situation occurred in South Africa in May 2025 when Absa Bank, one of the country’s largest financial institutions, reported serious findings of misconduct among top executives. The matter forced the early retirement of the bank’s chief executive, Arrie Rautenbach. Although that case had different details, both it and the Paystack case demonstrate how rapidly financial institutions may act when faced with behaviour that threatens regulatory confidence.
Ezra Olubi has responded publicly as well. In a blog post published on Sunday, he said his legal team is reviewing the process that led to his dismissal. He also questioned whether the steps taken by Paystack were consistent with its internal policies. Olubi said the controversy over the old posts does not reflect his conduct or the values he lived by. He said he had always tried to conduct himself in a way that respected the dignity and safety of others. He did not directly address the content of the old posts. He also did not respond to TechCabal’s request for further comment.
Inside Paystack, the picture appears more complicated. A source within the company, who spoke to TechCabal on the condition of anonymity, said the company became more concerned after observing the way Olubi responded to the controversy. According to the source, his reaction created doubts about whether he could remain in a leadership role while the company was facing strong public attention and questions from regulators.
The internal source said Olubi repeatedly argued that the old posts were harmless and did not acknowledge the seriousness of the situation in the context of heightened scrutiny. The source said this made both the board and the leadership team question whether the company could confidently present him as a senior leader while under regulatory observation.
The same source said that the investigation into workplace misconduct remains ongoing and focuses only on those allegations. The decision to terminate his employment, the source said, was based strictly on the reputational consequences of the old posts. Paystack has repeated this explanation in its public statements.
Despite this, Olubi argues that the termination was flawed and that proper procedures were not followed. He has not ruled out the possibility of taking legal action if necessary.
This situation places Paystack in a challenging position. The company must show that it can protect its reputation and meet regulatory expectations while also demonstrating fairness to a founder who played a major role in building one of Africa’s most successful technology brands. The case has also sparked conversations about how African startups treat founders when they face serious controversy and how they balance loyalty with public responsibility.
The question now is what happens next for Ezra Olubi.
His immediate future is uncertain. His public image has been affected, and the separation has placed him in a direct dispute with the company he helped to build. Many in the technology community believe he may try to clear his name, especially if he feels the termination process was not handled properly. Others believe he might choose to step back for some time before announcing a new project or joining a different company.
His next steps will likely depend on three major factors.
The first factor is the outcome of the ongoing investigation into workplace misconduct. Even though Paystack says that the firing is unrelated to the investigation, the findings of the external review could influence public perception. If the investigation clears him, he may gain stronger public standing as he plans his next move. If the investigation finds wrongdoing, he could face deeper reputational challenges.
The second factor is how he decides to address the old posts. So far, he has not spoken directly about their content. He has only said that they do not reflect his behaviour. For many people watching the case, a more direct explanation may be necessary if he hopes to rebuild trust.
The third factor is how Paystack handles the aftermath of the termination. If the company releases more information or takes additional steps to reassure regulators, the public conversation may shift further away from Olubi. If the company remains silent or if internal disagreements become public, the situation could become more complicated.
Outside the company, the case also raises wider questions for Nigeria’s technology sector. As startups mature and become more integrated into the financial system, their leaders are expected to behave like traditional corporate executives. That expectation comes with new responsibilities. It also shows that founders are not immune to removal, even in companies they helped create.
For Paystack, this is the first major conflict involving leadership and public scrutiny since its acquisition by Stripe. The company must now show that it can handle sensitive issues with transparency and discipline. Its response will likely influence how investors and regulators view African fintech companies in the future.
For Olubi, the road ahead is filled with uncertainty but also possibility. He is widely seen as a talented technologist and product builder. However, the controversy means he must now rebuild trust both locally and internationally.
Many founders who face similar crises spend months or even years repairing their public image before returning to leadership roles. Others choose to create new startups and rebuild their reputation through fresh work. Some decide to shift to advisory or technical roles that keep them out of the public eye.
Which path Olubi takes will depend on how he manages the next few months. His legal review of the termination may lead to public disputes with Paystack or a quiet settlement. His public communication strategy will shape how much support he receives from the technology community. And the wider ecosystem will be watching closely to see whether he tries to return to a leadership role or begins an entirely different chapter.
For now, the situation remains open. Paystack is trying to protect its reputation. Olubi is trying to protect his own. The investigation continues. And the technology industry is studying the case as a lesson in power, accountability, and consequence.
The coming months will show what future awaits Ezra Olubi after his sudden exit from the company he helped to build.
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