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Bento Africa CEO Ebun Okubanjo has resigned amid EFCC and LIRS investigations into alleged tax and pension remittance failures. He also relinquished his equity and plans to launch a new AI startup. Bento faces allegations of withholding ₦50 million in taxes, raising concerns over its financial transparency and leadership.

Bento Africa CEO Ebun Okubanjo has resigned amid allegations of tax and pension remittance failures, stepping down from his role and relinquishing his equity in the company. His resignation follows an investigation by the EFCC and Lagos State Internal Revenue Service (LIRS) into claims that Bento withheld employee taxes and pension contributions.

In his resignation email, Okubanjo cited the difficulties of scaling HR and payroll systems in Africa and hinted at launching a new venture, Ada AI, an AI-powered sales assistant. His departure comes after previous controversies, including allegations of workplace toxicity that led to his brief removal as CEO in 2022 before his return later that year.

Bento has been accused of failing to remit ₦50 million ($108,000) in taxes and pension funds for 2023 and 2024. Despite raising funds from investors like Berrywood Capital and Flexcap Ventures, the company has faced scrutiny over its transparency and operational practices.

Okubanjo initially announced his resignation on January 11, 2025, giving the board six weeks to find a replacement. However, some investors were reportedly unaware of his decision due to limited communication from the company.

Founded in 2019, Bento Africa provides payroll automation and financial services to companies like Moniepoint and Paystack, claiming to have processed over $40 million in salaries. However, concerns about its financial health remain, with investors questioning its growth trajectory despite Okubanjo’s claims of profitability.