Ebun Okubanjo, co-founder and CEO of Bento Africa, has stepped down from his role amid allegations of failing to remit taxes and pension contributions on behalf of clients. In a formal email to the company’s board of directors, Okubanjo not only announced his resignation but also confirmed his decision to give up all equity and debt holdings in the company. His departure paves the way for a new leadership direction at Bento Africa, a payroll and HR management startup based in Nigeria.
In his resignation email, Okubanjo hinted at his next venture—a new startup called Ada AI, an AI-powered sales assistant.
Okubanjo attributed his resignation to structural challenges in scaling payroll and HR systems across Africa, stating that compliance and taxation frameworks in the region make widespread adoption difficult. He compared the situation to markets like the United States, where platforms like Gusto thrive due to strict statutory remittance requirements.
His resignation comes at a turbulent time for Bento Africa, as allegations of financial mismanagement surfaced, specifically regarding the non-remittance of employee taxes and pensions. These accusations were first raised by Akintunde Sultan, co-founder of AltSchool, and later reinforced by Fuelmetrics, a digital inventory management firm for petrol stations. Fuelmetrics alleged that Bento had failed to remit approximately ₦50 million ($108,000) in taxes and pension contributions for 2023 and 2024.
Okubanjo’s exit marks the end of a controversial tenure at Bento. He previously resigned in March 2022 following allegations of verbal abuse and fostering a toxic work environment. At the time, co-founder Chidozie Okonkwo was appointed CEO. However, in an unexpected turn of events, Okubanjo returned as CEO in September 2022 after Okonkwo stepped down for personal reasons. His most recent resignation on January 11, 2025, was not entirely unexpected within the company. Reports indicate that he had previously signaled his intent to leave, even offering his role to Lede Adeniyi, Bento’s Chief Technology Officer (CTO) in 2024. Adeniyi declined and later left the company in October 2024 to pursue independent ventures.
Despite Okubanjo’s resignation email on January 11, 2025, reports suggest that Bento Africa’s investors were not promptly informed. Some investors, speaking anonymously, noted that the company rarely provided updates on operations. One investor stated that they had little knowledge of Bento’s internal affairs, raising concerns over transparency and corporate governance. Bento, founded in 2019, had secured funding from investors such as Berrywood Capital, Flexcap Ventures, and angel investors. However, allegations of workplace toxicity surfaced in 2022, a period during which the company was reportedly seeking additional funding. Some former employees claimed that these controversies derailed potential investment deals.
Bento Africa operates in salary automation, statutory remittances (such as taxes and pensions), and loan facilitation. The company claims to have processed over $40 million in payroll since its inception and serves notable clients, including Moniepoint, Lori Systems, Paystack, and Kobo360. Despite Okubanjo’s claims that the company remains profitable, processing ₦4-5 billion ($2.6 million) in monthly salaries and generating around ₦24 million ($15,871) in monthly revenue, some investors remain skeptical about Bento’s long-term growth and stability. One investor noted that the company does not appear to be scaling, casting doubt on its trajectory post-Okubanjo.
As Bento Africa navigates this transition, the company’s leadership will need to rebuild trust with investors and clients while addressing the regulatory and operational concerns that have emerged.
