Nigerian HR software provider Bento is pausing transactions after co-founder and CEO Ebun Okunbanjo resigned, citing a failed business model.
Why it matters
The resignation comes as the startup faces allegations of failing to remit PAYE tax deductions for clients, with investigations launched by the Lagos Inland Revenue Service.
What he’s saying
- In an email to investors, Okunbanjo admitted Bento’s model wasn’t working.
- “If Africa adopts the Western style of taxation and remittances, these companies are gold mines,” he wrote.
- He also announced plans to focus on a new venture, Ada AI, an AI-powered sales assistant.
The big picture
- This isn’t the first time Okunbanjo has stepped down—he previously left in 2022 amid allegations of fostering a toxic work environment and briefly stepped aside again in 2024.
- Bento claims to have processed over $40 million in payroll since launch, but its recent troubles raise concerns about its management.
What’s next
- Bento’s board will now search for a new CEO.
Source: Techpoint Africa
