Ebun Okubanjo, CEO of payroll and employee benefits platform Bento Africa, has resigned following allegations of financial management, specifically the failure to remit taxes and pension contributions on behalf of its clients.
Per TechCabal, his resignation, which was communicated via an email to the company’s board, also involves him relinquishing both his equity and debt holdings in Bento.
Fuelmetrics, a digital inventory management firm, and AltSchool, an edtech company, have both accused Bento of withholding taxes and pension contributions, amounting to approximately ₦50 million ($108,000) for 2023 and 2024.
The allegations surfaced on Friday and have led to doubts about the company’s ability to effectively manage the payroll and human resource needs of its clients.
The timing of Okubanjo’s resignation also adds complexity to the matter. Bento’s leadership has been rough in recent years, with Okubanjo stepping down in March 2022 after facing issues of verbal abuse and facilitating a toxic work environment.
Although he returned as CEO in September 2022, his decision to leave now could be seen as a reflection of the company’s current challenges. It was reported that Okubanjo had hinted at stepping down earlier, and in a January 2025 email to investors, he suggested a search for his successor.
In his resignation email, Okubanjo alluded to the difficulty of scaling payroll systems in Africa, pointing to the continent’s differing taxation structures.
He explained, “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.”
Nonetheless, Bento continued to attract investors, including Berrywood Capital, Flexcap Ventures, and angel investors. The company, which was founded in 2019, has worked with clients like Moniepoint, Lori Systems, Paystack, and Kobo360.
However, the allegations of mismanagement and the company’s opaque communication with investors have led to growing doubts. Several investors are discouraged by Bento’s lack of transparency, with some revealing that they were unaware of Okubanjo’s resignation until they were contacted by TechCabal.
Bento now has to face the aftermath of Okubanjo’s resignation, dealing with a damaged reputation, unanswered financial obligations, and questions about its future.
Investors and clients are looking for clarity on how the company plans to address these issues and whether it can continue its growth, especially given the absence of a clear successor to the exiting Bento Africa CEO, Okubanjo.
