African payments giant Paystack has officially explained the dismissal of its co-founder, Ezra Olubi. The company stated that it acted under its contractual rights. Furthermore, it insisted that it “followed due process.”
The payments giant confirmed that this decision is specific. It is separate from the ongoing independent investigation into workplace misconduct allegations.
“We Followed Due Process”
Paystack released a statement on Monday. The company addressed the termination directly.
It emphasized its responsibility as a regulated company. Paystack noted that it must act quickly when conduct threatens trust.
“After reviewing the situation, we exercised our right under his contract,” the company stated.
Additionally, Paystack confirmed that it has met all financial obligations owed to the former Chief Technology Officer.
Independent Investigation Continues
The company clarified a key point. The dismissal is not the result of the misconduct investigation.
An independent review is still underway. The external law firm Aluko & Oyebode is leading this process.
“This has no bearing and is separate from the independent investigation,” the statement read.
Paystack promised to share updates once the review is complete.
Olubi Claims Unfair Treatment
However, Ezra Olubi tells a different story. He released a statement on his personal blog.
Olubi claims the company dismissed him before the investigation was finished. He expressed frustration with the lack of a hearing.
“I was not given a meeting or an opportunity to respond before my contract was ended,” Olubi wrote.
He argued that the termination appeared to violate the company’s internal policies. Consequently, his legal team is reviewing the situation.
A Tech Success Story
Olubi co-founded Paystack in 2015 with Shola Akinlade. The firm quickly became a leading African payments company.
In 2016, it became the first Nigerian startup accepted into Y Combinator. Later, in 2020, Stripe acquired the company for over $200 million
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