Ebun Okubanjo, Chief Executive Officer of Bento Africa, a Nigerian payroll and HR management platform, has resigned following allegations that the company failed to remit taxes and pension contributions collected on behalf of its clients. In an email to Bento’s board, Okubanjo announced his resignation and revealed plans to sever all ties with the company by relinquishing his equity and debt holdings. This move signals a potential fresh start for both Okubanjo and Bento Africa.
In his resignation email, Okubanjo hinted at his next venture, Ada AI, an AI-powered sales assistant. He expressed frustration 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 departure comes amid allegations of financial mismanagement at Bento Africa, including claims that the company withheld employee taxes and pension contributions. These allegations were first raised by Akintunde Sultan, co-founder of edtech firm AltSchool, and later supported by Fuelmetrics, a digital inventory management company for petrol stations, which accused Bento of failing to remit up to ₦50 million (approximately $108,000) in taxes and pension contributions for 2023 and 2024.
Okubanjo initially submitted his resignation on January 11, 2025. His exit follows a controversial leadership history, including a brief resignation and return as CEO in 2022. He first stepped down in March 2022 amid allegations of verbal abuse and fostering a toxic work environment. Co-founder Chidozie Okonkwo briefly took over as CEO but resigned for personal reasons in September 2022, prompting Okubanjo’s return.
Insiders suggest Okubanjo’s January 2025 resignation was not entirely unexpected. In 2024, he had expressed his intent to step down and reportedly offered the CEO role to Lede Adeniyi, Bento’s CTO, who declined and left the company in October 2024 to pursue his own entrepreneurial goals.
In his January 11 email to investors, Okubanjo requested the board begin searching for his replacement, stating he would vacate the position in six weeks. He reflected on his leadership journey, calling it a “great failure” and emphasizing the lessons learned as part of a continuous growth process.
However, just three days after Okubanjo’s announcement, it emerged that Bento had not informed its investors about his resignation, leaving many unaware of his departure. One anonymous investor noted that the company rarely provided updates, while another expressed uncertainty about Bento’s current state. Both highlighted the need for greater operational transparency.
Founded in 2019, Bento has secured investments from firms like Berrywood Capital, Flexcap Ventures, and several angel investors. Despite this backing, the company faced allegations of a toxic workplace in 2022, coinciding with Okubanjo’s claim that Bento was raising additional funding. A former employee alleged that these issues negatively impacted funding discussions.
Bento operates in a growing sector of startups offering salary automation, statutory remittances for taxes and pensions, and access to loans. The company currently offers its HR and payroll solutions to notable clients such as Moniepoint, Lori Systems, Paystack, and Kobo360, claiming to have processed over $40 million in payroll since its inception.
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