Paystack has defended its resolution to terminate the employment of its co-founder and former chief expertise officer, Ezra Olubi, saying the transfer was pushed by important destructive reputational injury stemming from resurfaced tweets, not the continuing misconduct investigation involving him.
In a press release, the Stripe-owned fintech mentioned it acted strictly throughout the boundaries of Olubi’s employment contract and adopted all procedural necessities. The corporate famous that its obligations to him, monetary and in any other case, have been totally met.
“As a regulated firm, we should act rapidly when conduct might undermine belief. After assessment, we exercised our proper underneath his contract to finish his employment,” Paystack mentioned, including that reputational threat stays one of the delicate points for monetary establishments.
Learn additionally: Paystack fires co-founder Ezra Olubi over misconduct allegations
The corporate emphasised that the dismissal is completely separate from an unbiased investigation into office misconduct allegations. That probe, led by Lagos legislation agency Aluko & Oyebode, stays ongoing. Paystack careworn that the 2 processes shouldn’t be conflated, underscoring that reputational hurt alone can warrant decisive motion within the fintech trade.
The corporate additionally drew parallels to related governance responses within the sector, referencing high-profile instances such because the early exit of former Absa Financial institution CEO Arrie Rautenbach over misconduct issues, an instance of the pace with which establishments act to protect belief.
Olubi, nonetheless, urged in a weblog submit that his authorized staff is reviewing the idea of the termination and whether or not it aligns with inner pointers. He didn’t handle the tweets straight however maintained that he has at all times carried out himself in a fashion that respects everybody’s dignity and security.
