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Bento CEO Resigns Amid EFCC, LIRS Probe; Gives Up Equity
Ebun Okubanjo, CEO of Bento Africa, a Nigerian payroll and HR management platform, has stepped down amidst allegations of failing to remit taxes and pensions on behalf of clients.
In an email to Bento’s board of directors, Okubanjo not only announced his resignation but also relinquished his equity and debt holdings, signaling a clean break. His departure paves the way for a fresh start for both himself and the company.
In the same email, Okubanjo hinted at launching a new venture, Ada AI, an AI-powered sales assistant.
He attributed his decision to 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.”
His resignation comes at a turbulent time for Bento Africa, as allegations of financial mismanagement mount, particularly concerning unremitted employee taxes and pension contributions.
These claims surfaced on Friday when Akintunde Sultan, co-founder of AltSchool, spoke out. Additionally, Fuelmetrics, a digital inventory management firm for petrol stations, alleged that Bento had failed to remit up to ₦50 million ($108,000) in taxes and pension contributions for 2023 and 2024.
Okubanjo initially submitted his resignation letter to the board on January 11, 2025. His departure marks the end of a controversial leadership journey that included a brief ousting and reinstatement as CEO in 2022.
He first stepped down in March 2022 following allegations of verbal abuse and fostering a toxic work environment. The board then appointed co-founder Chidozie Okonkwo as CEO. However, in a surprising turn, Okubanjo returned in September 2022 after Okonkwo resigned, citing personal reasons.
His latest resignation in January 2025 was not entirely unexpected. In 2024, Okubanjo had already hinted at stepping down, with one employee claiming he had offered his position to Lede Adeniyi, the company’s CTO. Adeniyi declined and left Bento in October 2024 to pursue his own business ventures.
In his first resignation email to investors on January 11, Okubanjo urged the board to begin searching for a replacement, stating he would vacate the position within six weeks. He also reflected on his leadership journey, writing: “This was an education; it will probably take a lifetime to parse through all the lessons of this great failure, but as a forever learning type, I am okay with that.”
However, three days later, TechCabal learned that Bento had not yet informed investors of the resignation. Some investors remained unaware, with one claiming the company rarely sent updates, while another admitted knowing little about its operations. Both suggested that Bento’s transparency could have been better.
Founded in 2019, Bento raised funding from investors like Berrywood Capital, Flexcap Ventures, and various angel investors.
Despite securing backers, allegations of a toxic workplace emerged in 2022, with one former employee claiming the controversy derailed fundraising efforts.
Bento is part of a new wave of startups offering salary automation, statutory remittances like tax and pensions,
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