Bento CEO Ebun Okubanjo resigns amid EFCC and LIRS investigation

Omoleye Omoruyi
Ebun Okubanjo, CEO, Bento Africa
Ebun Okubanjo, CEO, Bento Africa

Ebun Okubanjo, the embattled CEO of Bento Africa, has resigned in what appears to be a dramatic fallout from allegations of tax and pension fraud reported by Technext. His decision to step down comes as investigations by the Economic and Financial Crimes Commission (EFCC) and the Lagos Inland Revenue Service (LIRS) gain momentum.

In an email to investors yesterday, Okubanjo acknowledged that Bento had been on the brink since 2024 when it discovered that “our thesis was not working.”

He claimed to have resigned weeks ago and was already working on his next move when the controversy erupted following tweets by @hackSultan and other companies, who accused Bento of failing to remit personal income taxes and pensions withheld on behalf of corporate users.

His resignation signals an attempt to sever ties with the company. In the message, Okubanjo framed his company’s shortcomings as a consequence of regulatory inefficiencies in Nigeria’s tax system rather than the allegations against his leadership.

“If Africa adopts the Western style of taxation and remittances—these companies are gold mines,” he wrote. “I use Gusto in the U.S. not because I want to, but because I have to. Until that happens—scale will be a challenge.”

In what appears to be an attempt to completely distance himself from the scandal, Okubanjo has put Bento up for grabs, saying, “I suspect someone should take it, rebrand it, it is actually a pretty rad product but it’s time for a new slang. I release all my equity and debt.”

This is a move that many will see as an effort to allow Bento Africa a fresh start. Yet, his departure raises more questions than answers.

Meanwhile, Okubanjo hinted at launching a new company, Ada AI, an AI-powered sales assistant.  

Bento Africa

A resignation without accountability?

For critics, Okubanjo’s email lacks accountability. He said in the email:

That guy (@hacksultan) is a friend of the Pade HR (sic) guys and they had stopped using the product for a long while, we really struggled to serve them in Rwanda and Ghana. Nigeria was also challenging.”

Instead of addressing concerns about Bento Africa’s handling of PAYE taxes and pensions, he pointed to systemic issues. Investors and customers affected by the controversy expected more.

His resignation follows several days of backlash on social media after Bento Africa was accused of collecting employee taxes from businesses but remitting only a fraction to regulatory bodies. Reports surfaced of forged receipts, misleading financial statements, and pension contributions that never reached their intended destinations.

In an earlier response on LinkedIn, Okubanjo asked for restraint in judgment, stating, “Mistakes were made, but not the type you think.” His attempt to control the narrative only intensified public scrutiny, with many questioning his refusal to engage directly with affected clients.

While stepping down removes him from the company’s day-to-day operations, legal experts believe it may not shield him from potential civil or criminal liability if regulators uncover wrongdoing.

EFCC and LIRS investigations heat up

The investigations by the EFCC and LIRS represent a turning point for Nigeria’s tech ecosystem, where regulatory oversight has often lagged behind rapid innovation. Authorities are now scrutinising Bento Africa’s financial records to determine whether its failure to remit taxes and pensions was a case of corporate mismanagement or deliberate fraud.

If the probes uncover intentional misconduct, Okubanjo and other executives could face criminal charges. If regulators classify the lapses as negligence, the company may be subjected to heavy civil penalties. Either outcome will have long-term consequences for both Bento Africa and Nigeria’s startup ecosystem.

There are indications that EFCC’s involvement suggests that authorities may expand their probe beyond Bento Africa, using it as a test case for cracking down on compliance failures across Nigeria’s growing fintech sector.

Ebun Okubanjo’s exit marks a turning point for Bento Africa, but it does little to solve the company’s immediate problems. The resignation of its CEO doesn’t erase the mounting allegations, nor does it restore the trust of clients and regulators. Instead, it places the company at a crossroads, where every move it makes in the coming weeks could determine whether it survives or collapses under the weight of its troubles.

Ebun Okubanjo, CEO, Bento Africa
Ebun Okubanjo, CEO, Bento Africa

What’s next for Bento?

Bento Africa is expected to announce a new leadership team soon, a necessary step to steady the ship. But replacing a CEO is the easy part—regaining credibility will be far more difficult. The company must confront the core of the crisis head-on, starting with a full-scale review of its financial records.

Authorities will demand transparency on past tax and pension remittances, and any outstanding liabilities will need to be resolved if Bento hopes to avoid further legal consequences.

Beyond regulatory compliance, the company has a steep hill to climb in repairing its reputation. Clients who feel deceived won’t be easily won back, and investors wary of public scandals may tread carefully before offering any further support. The new leadership will have to do more than offer reassurances—they will need to show real, measurable change.

Meanwhile, Bento Africa also faces the challenge of keeping its operations afloat. With scrutiny at an all-time high, any sign of instability could push customers toward competitors, further weakening the company’s standing in the industry. Whether it can emerge from this crisis intact will depend on how well it balances damage control with the urgent need for reform.


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Register for Technext Coinference 2023, the Largest blockchain and DeFi Gathering in Africa.

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!