Ebun Okubanjo, the CEO of Nigerian payroll and HR management startup Bento Africa, has resigned following allegations of failing to remit taxes and pensions on behalf of clients. In an email to the company’s board, Okubanjo not only announced his departure but also gave up his equity and debt holdings, signaling a complete severance from the business.
His resignation comes at a turbulent time for Bento, which faces scrutiny from both the Economic and Financial Crimes Commission (EFCC) and the Lagos Inland Revenue Service (LIRS). Reports surfaced that the company allegedly withheld up to ₦50 million ($108,000) in tax and pension contributions between 2023 and 2024. These claims were made public by Akintunde Sultan, co-founder of AltSchool, and Fuelmetrics, a digital inventory management firm for petrol stations.
Reflecting on his tenure, Okubanjo admitted to the challenges of scaling payroll and tax systems in Africa. “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,” he stated in his resignation email.
His leadership at Bento has been anything but smooth. In 2022, he stepped down following allegations of fostering a toxic work environment, only to return months later when his successor, co-founder Chidozie Okonkwo, resigned. His latest resignation, however, appears final. Insiders suggest he had been considering stepping down since 2024, even offering his position to Lede Adeniyi, Bento’s former CTO, who declined and left the company to pursue other ventures.
Despite Okubanjo’s exit, some investors remain skeptical about Bento’s future. While the company claims to have processed ₦4-5 billion ($2.6 million) in monthly salaries and generated ₦24 million ($15,871) in monthly revenue, some investors have expressed concerns over its growth trajectory and transparency. One investor, who chose to remain anonymous, stated they rarely received company updates, while another admitted to knowing very little about Bento’s operations.
Okubanjo has hinted at launching a new venture, Ada AI, an AI-powered sales assistant. Whether Bento Africa can recover from its ongoing challenges remains uncertain, but for now, the company faces a critical leadership transition and growing regulatory scrutiny.
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3 replies on “Bento CEO Steps Down Amid EFCC, LIRS Probe, Surrenders Equity”
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