Bento Africa, a Nigerian HR-tech platform providing payroll and human resource solutions, is facing uncertainty following the resignation of its CEO, Ebun Okubanjo.
The decision, announced on January 30, 2025, comes amid serious financial controversies and challenges in scaling the business in Africa. Bento has paused all transactions, leaving stakeholders questioning its future.
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CEO resignation and shift to Ada AI
Okubanjo, who co-founded Bento in 2019, officially notified the board of his resignation in an email to investors on January 11, 2025. His departure also marks a clean break as he relinquished both his equity and debt holdings in the company. Okubanjo cited the difficulty of scaling HR and payroll systems in Africa as a key reason for his resignation. In the email seen by TechSoma, he wrote, “If Africa adopts the Western style of taxation and remittances—these companies are gold mines,” reflecting his frustration with the continent’s regulatory environment.
While Bento has not provided the email sent to investors, Techpression reached out to the company for confirmation and further details, but as of publication, no response has been received.
The resignation comes at a critical time for Bento, which is grappling with allegations of failing to remit taxes and pension contributions for clients. The Lagos Inland Revenue Service (LIRS) has launched an investigation into these claims. Okubanjo, who briefly resigned in 2022 due to allegations of fostering a toxic work environment, is now focusing on a new venture, Ada AI, an AI-powered sales assistant.
Bento Africa’s financial struggles and leadership instability
Bento’s financial challenges became pronounced when reports surfaced that the company failed to remit the full PAYE (pay-as-you-earn) tax of client companies to the LIRS.
AltSchool co-founder Akintunde Sultan claimed he was a victim of Bento’s fraud, particularly that the startup issued fake receipts to cover up the alleged fraud.
Okubanjo had previously expressed concerns about the scalability of Bento’s business model, which relies heavily on the formal sector, a minority in Nigeria’s job market.
The resignation of Okubanjo follows a turbulent leadership history. After stepping down in 2022 amid the toxic work environment allegations, Okubanjo returned to the CEO role later that year when co-founder Chidozie Okonkwo resigned. This instability has raised questions about the company’s management and future direction.
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Bento’s future and industry implications
Bento’s departure and ongoing financial scrutiny mark a significant turning point for the company. While Bento claims to have processed over $40 million in payroll and worked with major clients like Paystack and Moniepoint, the unresolved issues surrounding financial mismanagement cast doubt on its long-term prospects.
As Bento searches for a new CEO, its future remains uncertain, raising questions about the viability of HR-tech startups in Nigeria’s challenging economic landscape.