Ebun Okubanjo, the CEO of Bento Africa, a Nigerian payroll and human resource management platform, has resigned following serious allegations regarding the company’s failure to remit collected taxes and pension contributions on behalf of its clients. In an email addressed to Bento’s board of directors, Okubanjo announced his resignation and indicated a complete separation from the company by relinquishing his equity and debt holdings. This decision paves the way for a potential fresh start for both Okubanjo and Bento Africa.
In his resignation email, Okubanjo hinted at his plans to launch a new venture called Ada AI, which will serve as an AI-powered sales assistant. He expressed his frustrations with the challenges of scaling HR and payroll systems in Africa, stating, “If Africa adopts the Western style of taxation and remittances—these companies are gold mines. I use Gusto in the U.S. not because I want to, but because I have to. Until that happens—scale will be a challenge.”
Okubanjo’s resignation comes at a particularly tumultuous time for Bento Africa, which is facing allegations of financial mismanagement, specifically regarding the withholding of employee taxes and pension contributions. These claims were brought to light by Akintunde Sultan, co-founder of the edtech company AltSchool, and were further supported by allegations from Fuelmetrics, a digital inventory management firm for petrol stations, which claimed that Bento Africa had failed to remit up to ₦50 million (approximately $108,000) in taxes and pension contributions for the years 2023 and 2024.
Okubanjo initially submitted his resignation letter to the board on January 11, 2025. His departure follows a controversial leadership history, which included a brief resignation and subsequent return as CEO in 2022. Okubanjo stepped down in March 2022 amid allegations of verbal abuse and fostering a toxic work environment. After his departure, the board appointed co-founder Chidozie Okonkwo as CEO, but in a surprising turn of events, Okubanjo returned to the role in September 2022 after Okonkwo resigned for personal reasons.
Insiders suggest that Okubanjo’s resignation in January 2025 may not have come as a complete surprise. In 2024, he had indicated his intent to step down, with reports from employees suggesting that he had offered his position to Lede Adeniyi, the company’s CTO, who ultimately declined the offer and left Bento in October 2024 to pursue his own entrepreneurial ambitions.
In his initial email to investors on January 11, Okubanjo requested that the board begin searching for his replacement, stating he would vacate the position in six weeks. He reflected on his leadership journey, acknowledging the lessons learned from what he described as a “great failure,” and expressed his acceptance of the situation as a continuous learning experience.
However, just three days after Okubanjo’s announcement, it was revealed that Bento had not informed its investors about the CEO’s resignation, resulting in many being unaware of his departure. One investor, who preferred to remain anonymous, remarked that the company seldom provided updates, while another investor expressed uncertainty regarding the company’s current situation. Both investors highlighted that there is considerable room for improvement in Bento’s operational transparency.
Founded in 2019, Bento has attracted investment from firms such as Berrywood Capital, Flexcap Ventures, and various angel investors. Despite this backing, allegations of a toxic workplace emerged in 2022, coinciding with a period when Okubanjo claimed the company was in the process of raising additional funding. A former employee alleged that these incidents negatively impacted those funding discussions.
Bento operates within a growing sector of startups that offer salary automation, statutory remittances for taxes and pensions, and access to loans. The company counts notable clients such as Moniepoint, Lori Systems, Paystack, and Kobo360, claiming to have processed over $40 million in payroll since its inception.
Despite these claims of success, skepticism remains among some investors regarding Bento’s future. One investor remarked that the company does not appear to be growing, while Okubanjo has consistently asserted that Bento is profitable, processing approximately ₦4-5 billion (around $2.6 million) in monthly salaries and generating about ₦24 million (approximately $15,871) in monthly revenue.