According to a TechCabal report, the fintech company said
the action was taken independently of the ongoing investigation into
allegations of workplace misconduct.

In a statement to the publication, Paystack explained that
it acted within its contractual rights and “followed due process,” adding that
all financial entitlements due to Olubi had been settled.

“As a regulated company operating in multiple markets, we
have a responsibility to act quickly when conduct has the potential to
undermine trust,” the company said.

“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.”

Paystack did not respond to TheCable’s enquiry.

Earlier in a blog post, Olubi said he has been sacked by the
company, claiming that his dismissal decision was “taken before the supposed
investigation was concluded, and without any meeting, hearing, or opportunity
for me to respond to the issues raised, in clear contravention of the terms of
the suspension and Paystack’s own internal policies”.

He further argued that his silence has created “a vacuum
that allowed assumptions and misrepresentations to spread without challenge,
maintaining that the resurfaced posts do not reflect his conduct or values”.

Olubi also said that he will take legal action to review the
process that led to the termination of his employment contract.

On November 12, Olubi’s resurfaced tweets about wanting to
photograph a coworker’s thighs, and remarks that referenced minors, bestiality,
and sexualised anime characters from 2009-2013, trended on X.

This incident led him to deactivate his account the
following day.

Afterwards, Paystack suspended the co-founder on November 14
and launched a formal investigation into the alleged sexual misconduct.