Ebun Okubanjo, CEO of Bento Africa, has stepped down following allegations of tax and pension fraud.
His resignation comes as Nigeria’s Economic and Financial Crimes Commission (EFCC) and the Lagos Inland Revenue Service (LIRS) intensify investigations into the company’s financial practices.
In a message to investors, Okubanjo admitted that Bento had been struggling since 2024 but blamed Nigeria’s tax system for its challenges.
He distanced himself from the controversy, offering to relinquish all equity and debt in the company.
The scandal erupted after multiple businesses accused Bento of withholding employee taxes and pensions without proper remittance.
Reports surfaced of forged receipts and financial mismanagement, leading to widespread backlash.
While Okubanjo’s departure may signal an attempt to start fresh, legal experts warn it won’t shield him from potential charges if authorities uncover wrongdoing.
The EFCC’s involvement suggests a broader crackdown on compliance failures in Nigeria’s fintech sector.