Ebun Okubanjo, the CEO of Bento Africa, a Nigerian payroll and human resource management platform, has resigned amidst allegations of failing to remit taxes and pensions on behalf of its clients. Okubanjo announced his resignation in an email to Bento's board of directors, signaling a clean break by also relinquishing his equity and debt holdings in the company.

This move opens the door for a potential fresh start for both Okubanjo and Bento Africa. In his resignation email, Okubanjo hinted at launching a new company, Ada AI, an AI-powered sales assistant. However, the circumstances surrounding his resignation are shrouded in controversy, with allegations of financial mismanagement, particularly regarding the withholding of employee taxes and pension contributions.

These claims were brought to light by Akintunde Sultan, co-founder of edtech company AltSchool, and Fuelmetrics, a digital inventory management firm for petrol stations, which alleged that Bento Africa had failed to remit up to ₦50 million ($108,000) in taxes and pension contributions for 2023 and 2024. Okubanjo's resignation comes at a turbulent time for Bento Africa, which has faced allegations of a toxic workplace and verbal abuse in the past.

Okubanjo's leadership journey has been marked by controversy, including a brief ousting and subsequent return as CEO in 2022. He stepped down in March 2022 after allegations of verbal abuse and creating a toxic work environment, but returned as CEO in September 2022 after cofounder Chidozie Okonkwo resigned, citing personal reasons. Okubanjo's resignation in January 2025 may not have been a complete shock to insiders, as he had signaled his intent to step down in 2024.

In his first email to investors on January 11, Okubanjo asked the board to begin searching for his replacement, stating that he would vacate the position in six weeks. He also reflected on his leadership journey in the same email, saying, "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."

However, three days after Okubanjo's first resignation announcement, it was revealed that Bento had not informed investors, with some unaware of the CEO's resignation. This lack of transparency has raised concerns among investors, who have expressed doubts about the company's future. Despite claims of success, including processing over $40 million in payroll since 2019, some investors are skeptical about Bento's ability to grow.

Bento Africa is a member of a class of relatively new startups offering salary automation, statutory remittances like taxes and pensions, and access to loans. The company has raised funding from investors like Berrywood Capital, Flexcap Ventures, and angel investors, but its operational transparency has been called into question. As Okubanjo moves on to his new venture, Ada AI, the future of Bento Africa remains uncertain.

The implications of Okubanjo's resignation and the allegations surrounding Bento Africa are far-reaching, highlighting the need for greater transparency and accountability in the startup ecosystem. As the industry grapples with the consequences of this scandal, one thing is clear: the road ahead will be fraught with challenges for both Okubanjo and Bento Africa.