Investors in Nigerian HR-tech startup Bento Africa were shocked at CEO Ebun Okubanjo‘s abrupt resignation, relinquishing his stake in the company without prior notice. His 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.
Three investors who asked not to be named so they could speak freely revealed that investor relations at Bento have long been opaque. Unlike most venture-backed startups, which regularly share structured reports and financial updates, Bento rarely communicated with its investors, that person claimed. “Bento has never been known for transparency,” one early investor told . “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 and at least two investors said they only learned about his departure when reached out for comments. It is unclear 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 insists those incidents affected only a handful of clients and blamed the issues on Nigeria’s manual tax system.
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.
