Paystack has clarified the reasons behind terminating its Co-founder and former Chief Technology Officer, Ezra Olubi, stating that the decision was made in accordance with its contractual rights and that due process was fully observed.

In a statement issued to TechCabal on Monday, the company emphasized that the termination is unrelated to the ongoing independent investigation into allegations of workplace misconduct.

Paystack also confirmed that it has fulfilled all financial obligations owed to Olubi.

“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 complete,” the company stated.

Olubi had previously confirmed on his personal blog that he was dismissed before the investigation was completed.

He said, ”I was not given a meeting or an opportunity to respond before my contract was ended,” adding that the termination “appeared to contravene the terms of [his] suspension and the company’s internal policies.”

Olubi further stated that his legal team is actively exploring all possible next steps in response to the termination.Paystack was co-founded in 2015 by Ezra Olubi and Shola Akinlade.

It quickly rose to prominence as one of Africa’s leading fintech companies, becoming the first Nigerian startup accepted into Y Combinator in 2016. In 2020, the company was acquired by Stripe in a landmark deal valued at over $200 million, marking one of the largest acquisitions of an African tech startup to date.