Ebun Okubanjo, co-founder of payroll and HR solutions company Bento, has stepped down as CEO, signaling the end of the company’s operations. The resignation follows mounting financial and operational struggles, culminating in a recent controversy over alleged tax remittance failures.
In an email to investors, Okubanjo acknowledged that Bento had been in distress since last year, admitting that the company’s business model was not sustainable. While he had already stepped down weeks ago and was pursuing alternative plans, a social media storm—sparked by accusations from Akintunde Sultan, co-founder of AltSchool Africa—brought renewed scrutiny to Bento’s financial practices.
Sultan alleged that Bento failed to remit personal income taxes withheld from corporate clients using its payroll system. Okubanjo, however, dismissed the accusations, attributing them to Sultan’s connections with PaidHR, a competitor that had long stopped using Bento’s services.
Despite this defense, Okubanjo ultimately conceded that it was time to move on, offering the company up for acquisition. **“I suspect someone should take it, rebrand it. It’s actually a pretty
