Bento Africa has suspended all transactions following the unexpected resignation of its co-founder and CEO, Ebun Okunbanjo. In an email to investors, Okunbanjo revealed he is stepping down to focus on a new venture, Ada AI, an artificial intelligence-powered sales assistant.
Leadership Change Amid Tax Allegations
His departure comes at a turbulent time for the Nigerian HR and payroll startup, which is under scrutiny for alleged failures to remit PAYE (pay-as-you-earn) taxes for some clients. The controversy escalated when Akintunde Sultan, co-founder of AltSchool, accused Bento of withholding tax and pension contributions while issuing fraudulent receipts. The Lagos State Inland Revenue Service (LIRS) has since launched an investigation into these claims.
In his farewell message, Okunbanjo acknowledged that Bento’s business model was struggling, admitting he had questioned its viability since 2023. He suggested that the company might have performed better in a market with stricter tax regulations.
Uncertain Future for Bento Africa
This is not the first time Okunbanjo has stepped away from the company. In 2022, he briefly resigned following reports of a toxic work culture, and he took another break from leadership in 2024. However, his latest departure—amid financial controversy—raises deeper concerns about Bento’s future.
Since its inception, the company has reportedly processed over $40 million in payroll. However, with its CEO gone and trust in its operations shaken, the path forward is unclear. The board must now decide whether to appoint a new leader or consider an acquisition, especially given the challenges of operating in Nigeria’s predominantly informal employment sector.
One thing is certain—Bento’s next move will be closely watched.
