Ebun Okubanjo, co-founder and CEO of Nigerian payroll and HR startup Bento Africa, has stepped down from his role following allegations of failing to remit taxes and pensions for clients. In his resignation email to the company’s board, Okubanjo also relinquished his equity and debt holdings in the company. This will be a complete exit from the startup he helped build.
His departure comes after growing scrutiny over Bento’s handling of employee tax and pension remittances. Akintunde Sultan, co-founder of AltSchool, publicly accused the company of financial mismanagement,. Fuelmetrics, a digital inventory management firm, also claimed Bento failed to remit up to ₦50 million ($108,000) in statutory payments for 2023 and 2024.
Okubanjo had reportedly signaled his intent to step down in 2024, even offering the CEO role to CTO Lede Adeniyi, who declined and later left the company. His resignation follows a dysfunctional leadership history. He previously stepped down in 2022 amid allegations of creating a toxic workplace, only to return six months later.
In his resignation email, Okubanjo hinted at launching a new venture, Ada AI, an AI-powered sales assistant. He also reflected on the challenges of scaling HR and payroll automation in Africa. He said that without stricter taxation enforcement, the sector would struggle to reach its full potential.
Despite claiming profitability and processing ₦4-5 billion ($2.6 million) in monthly salaries, Bento’s transparency with investors has been called into question. Some investors were unaware of Okubanjo’s resignation days after his announcement, with one stating that the company rarely provided updates.
Founded in 2019, Bento has positioned itself as a key player in payroll automation, counting Moniepoint, Lori Systems, and Paystack among its clients. However, recent allegations and leadership uncertainty cast doubts over its future. While Okubanjo insists the company remains financially strong, concerns about governance and compliance could impact its standing in the industry.
