Ebun Okubanjo, CEO of Bento Africa, has resigned following allegations of failing to remit taxes and pensions on behalf of the company’s clients. In a decisive move, Okubanjo also relinquished his equity and debt holdings, marking a complete exit from the Nigerian payroll and HR management startup.
A Turbulent Leadership Journey
Okubanjo’s resignation follows years of controversial leadership, including:
2022 Allegations: Accused of verbal abuse and fostering a toxic work environment, leading to his temporary ousting.
Surprise Return: Reinstated as CEO just six months later after his successor, Chidozie Okonkwo, resigned.
Leadership Struggles: Attempts to pass leadership to CTO Lede Adeniyi in 2024 failed as Adeniyi left the company.
Financial Mismanagement & Allegations
Recent accusations claim Bento failed to remit up to ₦50 million ($108,000) in taxes and pensions for 2023 and 2024. Key accusations include:
AltSchool co-founder Akintunde Sultan exposed alleged financial mismanagement.
Fuelmetrics, a digital inventory management firm, claimed Bento withheld tax remittances.
Investors left in the dark, with some unaware of the CEO’s resignation until media reports surfaced.
Okubanjo’s New Venture: Ada AI
Despite the controversy, Okubanjo hinted at launching Ada AI, an AI-powered sales assistant. His resignation email also reflected on his leadership challenges:
“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.”
What’s Next for Bento Africa?
Client Base: Moniepoint, Lori Systems, Paystack, Kobo360
Revenue: ₦24 million ($15,871) monthly
Payroll Processed: Over $40 million since 2019
Despite claiming profitability, investor skepticism remains high, with some questioning Bento’s transparency and growth trajectory. The company must now find a new CEO and regain trust as it navigates this crisis