Nigerian HR-tech startup Bento Africa has been thrown into turmoil after its CEO, Ebun Okubanjo, abruptly resigned without notice, leaving investors and clients scrambling for answers. Okubanjo's sudden departure comes amid allegations that Bento failed to remit millions of dollars in taxes and pension contributions for its clients, raising concerns about financial mismanagement and poor governance.

According to three investors who spoke on condition of anonymity, Bento's investor relations have long been opaque. Unlike most venture-backed startups, which regularly share structured reports and financial updates, Bento rarely communicated with its investors. "Bento has never been known for transparency," one early investor told TechCabal. "We weren't getting quarterly reports, and when we asked for updates, responses were vague at best. Now, the CEO is gone, and we have no real clarity on what happens next."

Okubanjo's resignation was initially communicated via a brief email to the company's board of directors. At least two investors said they only learned about his departure when TechCabal reached out for comments. The lack of transparency has raised questions about how the unresolved financial obligations will be resolved and who will immediately be responsible after allegations that Bento failed to remit statutory deductions such as taxes and pensions on behalf of its clients.

Okubanjo has blamed the issues on Nigeria's manual tax system, claiming that the incidents affected only a handful of clients. However, the sudden resignation and lack of communication have sparked concerns about the company's financial management and governance.

Bento raised at least $2.3 million in disclosed funding from Africa-focused venture capital firms including Zrosk, Berrywood Capital, and Kinfolk Venture Capital, according to Crunchbase. The startup positioned itself as a game-changer in payroll and HR management, expanding into Kenya, Ghana, and Rwanda with ambitions to dominate Africa's employment benefits space.

With its CEO gone, Bento now faces the difficult task of rebuilding trust with investors, clients, and regulators. The company's lack of structured governance has become more apparent, and the absence of a clear successor to Okubanjo raises questions about whether Bento can weather the storm. As the company navigates this crisis, it remains to be seen how it will address the allegations of financial mismanagement and restore confidence in its leadership and operations.

The fallout from Okubanjo's resignation has significant implications for Africa's startup ecosystem, highlighting the need for greater transparency and accountability in corporate governance. As investors and stakeholders await clarity on Bento's future, the incident serves as a reminder of the importance of robust governance structures and open communication in the startup world.