Paystack has explained the termination of the appointment of its Co-founder and former Chief Technology Officer, Ezra Olubi, saying it acted under its contractual rights and “followed due process.”

The company confirmed that the decision is separate from the ongoing independent investigation into workplace misconduct allegations.

In a statement shared with TechCabal on Monday, the company said it had met 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.”

He also said that his legal team would explore possible steps in response.

Founded in 2015 by Olubi and Shola Akinlade, Paystack is a leading African payments company.

The firm became the first Nigerian startup accepted into Y Combinator in 2016 and was acquired by Stripe in 2020 for over $200 million. (The PUNCH)