Ebun Okubanjo, the chief executive officer of Bento, has resigned from his position following a series of controversies, the latest being allegations of financial misconduct.
In an email to investors, Okubanjo announced his departure and revealed plans to pursue a new venture, Ada AI, an AI-powered sales assistant. His exit comes amid accusations that Bento failed to remit pay-as-you-earn (PAYE) deductions and pensions for some clients while issuing fraudulent receipts to suggest compliance.
Akintunde Sultan, co-founder of AltSchool, publicly accused the company of financial mismanagement, while the Lagos Inland Revenue Service (LIRS) has reportedly launched an investigation into the startup’s activities.
“I started to confide in some of you early last year that our thesis was not working. We did change it to something more pared down, but it is time for me to journey on. If Africa adopts the Western style of taxation and remittances, these companies are gold mines,” Okubanjo stated in his email.
This is not the first time Okubanjo has stepped down from his leadership role. In 2022, he briefly exited the company following widespread allegations of fostering a toxic work environment.
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.
