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Paystack Board Sacks Embattled Co-founder Ezra Olubi Amid Misconduct Claims

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sack ezra olubi

By Adedapo Adesanya

Embattled Paystack co-founder, Mr Ezra Olubi, has claimed that the company terminated his employment before completing an investigation into allegations of sexual misconduct.

In a personal blog post published by Mr Olubi, he revealed that the board of directors at the payments firm had axed him from the company he founded with Mr Shola Akinlade.

“On Saturday, 22 November 2025, I was informed that my employment had been terminated. This 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 wrote. He also plans to seek legal redress.

Last week, the Stripe-owned payments company said it had activated its internal protocols to review claims of sexual misconduct against Mr Olubi. It also promised that its review process would be “fair, transparent, and structured,” in line with its internal policies and stated values around safety and respect in the workplace.

“We take any allegation of this nature extremely seriously,” the company noted at the time.

In his first public comment, Mr Olubi said, “Over the past few days, my name and reputation, built over years as co-founder and technical leader at Paystack, have been called into question because of information circulating online.

“In response, the Board of Directors of Paystack placed me on suspension and initiated what was described as an “independent” investigation.

“Once that process began, I chose not to make any public statements. I did this to avoid interfering with the investigation and because I expected a fair, thorough and unbiased review of the allegations being discussed online. This created a vacuum that allowed assumptions and misrepresentations to spread without challenge.

“Those who know me personally or professionally understand that the posts being circulated do not reflect my conduct or the way I have lived my life. I have always, to the best of my ability, conducted myself in a manner that respects everyone’s dignity and safety.

“On Saturday, 22 November 2025, I was informed that my employment had been terminated. This 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.

“As co-founder, technical leader and long-serving Board member, I have been part of instituting the systems and processes that underpin Paystack’s internal operations. I engaged with this investigation in good faith and cooperated fully with the Board’s directives on that basis,” he wrote in parts.

“My legal team is now reviewing the process that led to my purported termination, including its consistency with internal policies. They will take the steps they consider appropriate, and I will not be commenting further on this matter at this time.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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NIMASA Gets New Maritime Guard Commander

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Maritime Guard Commander

By Modupe Gbadeyanka

A new Commander of the Maritime Guard Command has been appointed for the Nigerian Maritime Administration and Safety Agency (NIMASA), and he is Commodore Reginald Odeodi Adoki.

His appointment was approved by the Chief of the Naval Staff, Vice Admiral Idi Abbas, a statement from NIMASA confirmed.

He was chosen to replace Commodore H.C Oriekeze, who has been redeployed by naval authorities.

Commodore Adoki, a principal Warfare Officer specialising in communication and intelligence, brings 25 years of experience in the Nigerian Navy covering training, staff and operations.

As a seaman, he has commanded NNS Andoni, NNS Kyanwa and NNS Kada. It was under his command that NNS Kada undertook her maiden voyage, sailing from the country of build (the United Arab Emirates) into Nigeria.

He was commissioned into the Nigerian Navy in 2000 with a BSc in Mathematics. He has since earned a Master’s in International Law and Diplomacy from the University of Lagos and an MSc in Terrorism, Security and Policing atthe  University of Leicester, England.

He is currently pursuing a PhD in Defence and Security Studies at the National Defence Academy (NDA). He is a highly decorated officer with several medals for distinguished service.

Welcoming the new MGC Commander to the agency, the Director General of NIMASA, Mr Dayo Mobereola, expressed confidence in Mr Adoki’s addition to the team, emphasising that it will further strengthen the nation’s maritime security architecture given his vast experience in the industry.

The Maritime Guard Command domiciled in NIMASA was established as part of the resolutions of the Memorandum of Understanding (MoU) with the Nigerian Navy to assist NIMASA in strengthening operational efficiency in Nigeria’s territorial waters, especially through enforcement of security, safety and other maritime regulations.

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Japaul Picks Henry Alakhume as Acting GMD

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Japaul

By Aduragbemi Omiyale

Mr Henry Alakhume has been appointed as the group managing director of Japaul Gold and Ventures Plc, a statement issued on Thursday disclosed.

In the notice signed by the company secretary, Chidimma Okolo, it was stated that the appointment of Mr Alakhume is effective today, February 12, 2026.

He is to fill the vacant position left by Mr Akinloye Daniel Oladapo, who resigned with effect from October 13, 2025, with no reason given for his decision to exit the post.

In the disclosure, it was said that Mr Alakhume would remain in office until a substantive GMD is announced by the organisation.

However, the board expressed confidence in the ability of the acting GMD to steer the ship of the company “during this transition period.”

He was described as an experienced executive director of the firm, who will “ensure continuity in leadership and support the company’s strategic objectives.”

“The board of Japaul Gold and Ventures Plc wishes to inform the Nigerian Exchange (NGX) Limited, its esteemed shareholders, and the general public of the appointment of Mr Henry Alakhume as the acting group managing director of the company.

“Mr Alakhume’s appointment takes effect from February 12, 2026, and he will serve in this capacity pending the appointment of a substantive group managing director.

“Mr Alakhume is an experienced executive of the company and has demonstrated strong leadership and operational expertise in his role as Chief Operating Officer.

“The board is confident that his appointment will ensure continuity in leadership and support the company’s strategic objectives during this transition period,” the statement said.

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VFD Group Appoints Martins Akpore to Oversee Finance, Risk Management

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VFD-Group

By Adedapo Adesanya

Nigerian proprietary investment company, VFD Group Plc, has announced the appointment of Mr Martins Akpore as Group Head for Centralised Critical Functions (CCF).

In a statement issued on Wednesday, the company disclosed that Mr Akpore would oversee the group’s centralised functions, including Finance, Audit, Risk Management, Credit and Treasury, with immediate effect.

The appointment is expected to bolster VFD Group’s financial governance and strengthen coordination across its subsidiaries as the company advances its expansion and operational efficiency drive.

“We are pleased to announce the appointment of Martins Akpore as Group Head, Centralised Critical Functions at VFD Group Plc. In this expanded strategic role, Martins will lead and oversee the Group’s centralised functions spanning Finance, Audit, Risk Management, Credit, and Treasury, effective immediately.

“Martins brings to this role a strong professional foundation and deep expertise across core financial disciplines, underpinned by his credentials as a Chartered Accountant, Chartered Tax Professional, and Certified Treasury specialist, as well as globally recognised certifications in financial modelling and valuation. He currently serves as Group Head, Treasury, where he has played a key role in strengthening the Group’s financial and capital management capabilities across the ecosystem,” it said.

“In his new capacity, Martins will be responsible for driving cohesive strategy, governance, and execution across the Centralised Critical Functions, ensuring robust risk oversight, disciplined financial operations, and alignment with the Group’s strategic priorities. He will work closely with subsidiary leadership teams to enhance institutional standards, strengthen accountability, and support cross-ecosystem decision making on critical matters,” it added.

Speaking on the appointment, the Group Managing Director, Mr Nonso Okpala, emphasised the importance of collaboration and execution discipline in delivering the firm’s Vision 2026 ambitions. In line with this, Managing Directors and senior leaders across all subsidiaries are encouraged to partner closely with Mr Akpore to ensure alignment, responsiveness, and shared ownership in achieving the organisation’s objectives.

Formerly trading on the NASD Over-the-Counter (OTC) Securities Exchange, VFD Group made an exit in October 2023 and listed on the Nigerian Exchange (NGX) Limited to strengthen its market position, boost visibility, and create more avenues to source cheap funds for expansion and growth.

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