Just days ago, reports surfaced that the Lagos Inland Revenue Service (LIRS) and the Economic and Financial Crimes Commission (EFCC) had launched an investigation into Bento Africa for allegedly failing to remit tax and pension payments on behalf of its clients. The accusations, ranging from forging tax receipts to delaying pension contributions have put the company in the hot seat.
Now, in a major twist, Bento Africa CEO, Ebun Okubanjo, has resigned. Not only has he stepped down, but he has also relinquished his equity and debt holdings in the company, marking a complete break from the startup he co-founded.
How did Bento Africa get here? Let’s break it all down.
The Allegations
Bento Africa, founded in 2019, positioned itself as a payroll automation and HR tech solution for startups and businesses across Africa. However, recent reports suggest that behind the scenes, things weren’t running as smoothly as they seemed.
The scandal came to light when Akintunde Sultan, co-founder of AltSchool, called out Bento on X (formerly Twitter), accusing them of collecting millions in tax and pension payments from businesses but remitting as little as ₦100 ($0.12) to the LIRS.
For those wondering, the tweet below is 100% true. The last thing I want to do is to drag a Nigerian startup online, but Bento has forged PAYE remittance and pension remittance for over 2 years. We have a ~50m naira exposure in this https://t.co/yP7nCuBUSM
— A.O (@dejiogundiran) January 24, 2025
This sparked widespread backlash, with more allegations surfacing:
- Fuelmetrics, a digital inventory management firm for petrol stations, alleged that Bento had failed to remit ₦50 million ($108,000) in tax and pension contributions for 2023 and 2024.
- TechCabal reported that Bento was under investigation for forging tax receipts and delaying pension payments.
- High-profile clients like Moniepoint, Paystack, Kobo360, and Bamboo reportedly cut ties with Bento, signaling a loss of confidence in the company.
Even worse, these weren’t new complaints. In 2022, allegations of a toxic workplace led to Ebun Okubanjo stepping down briefly as CEO. In 2020, he was publicly criticized for scolding a customer who complained about bad service at his gym.
MY INTERVIEW EXPERIENCE WITH CEO OF Bento, MR ebun okubanjo today 07/02/2024.
I got a mail for a second stage interview with the CEO of Bento (Ebun okubanjo) slated for 9am today. @DavidHundeyin @ARISEtv #AFCON2023 #AFCON2024 #SouthAfrica #SuperEagles #Nwabali pic.twitter.com/jZIbhzNHTf
— Teknikio of Bayelsa. (@MadeInBayelsa) February 7, 2024
With Bento facing mounting scrutiny from regulators, clients, and the public, all eyes were on its leadership.
Bento Africa CEO Resigns: A Fresh Start or More Damage Control?
As pressure mounted, Ebun Okubanjo officially resigned, announcing his exit in an email to Bento’s board of directors. His resignation letter didn’t just signal a leadership transition—it marked a complete separation, as he also gave up his equity and debt holdings in the company.
Adding another twist, Okubanjo hinted at launching a new venture, Ada AI, an AI-powered sales assistant, suggesting that he is already moving on to his next project.
Bento Africa’s History of Leadership Shakeups
This isn’t the first time Bento has faced internal turmoil. The company has had a rocky leadership journey, filled with controversies and shakeups. According to Tech Cabal:
- March 2022: Okubanjo stepped down after allegations of verbal abuse and a toxic work environment surfaced.
- September 2022: He returned as CEO after co-founder Chidozie Okonkwo resigned for personal reasons.
- 2024: Okubanjo signaled his intent to step down, even offering the CEO position to Lede Adeniyi, Bento’s CTO, who declined and left the company in October 2024.
- January 2025: Okubanjo formally resigned, leaving Bento Africa without a clear leadership structure moving forward.
Surprisingly, despite his resignation email being dated January 11, 2025, reports suggest many investors were unaware of his departure. Some investors claimed Bento rarely sent updates, raising concerns about transparency and communication within the company.
What’s Next for Bento Africa?
Right now, Bento Africa is at a make-or-break moment. Its CEO is gone, its reputation is in question, and regulators are circling.
But is this the end of the road, or will Bento find a way to rebuild?
Speaking of controversies in the African startup space, Bento Africa isn’t the only company making headlines. Cenoa recently took direct aim at Chipper Cash in a bold marketing move that sparked major debate. Was it smart competition or a step too far? Read our analysis here.
