Risevest CEO found guilty of sexual impropriety, abuse of power, says investigation panel

A panel created in August to examine complaints in opposition to Risevest founder and CEO Eke Urum has stated it discovered him responsible of sexual misconduct and abuse of energy.

In early August, Nairametrics reported that Urum was requested to resign as the corporate launched a three-man investigation into allegations made in opposition to him by a member of firm workers. Panel members included Tomi Davies of TVC Labs as chair; Dunoluwa Longe of TLP Advisory as authorized advisor and Toun Tunde-Anjous of The Folks Apply as folks and tradition advisor.

what they’re saying

Risevest in an announcement revealing the panel’s findings stated: “The proof offered to the panel did not show sexual assault by Eke Urum. Nevertheless, proof offered to the panel, together with admitted sexual relations with an worker and undesirable and inappropriate jokes and conversations, revealed sexual misconduct. It additionally confirmed a sample of abuse of energy, intimidation, retaliation and office harassment by him.”

In response to the assertion, the panel really useful that Urum not be reinstated as CEO. As a substitute, Tony Odiba, the appearing CEO, will stay in that function till the newly shaped board names the following CEO.

Urum will turn into a non-executive member of a brand new board and can lead the startup’s funding technique and supply steering on expertise.

The information continues after this announcement.

The investigative panel additionally really useful {that a} board of administrators consisting of Urum, Tony Odiba, two investor representatives and an impartial member authorized by the founding teams and traders be instantly shaped.

what you need to know

  • river was based in 2019 by Bosun Olanrewaju, Eke Urum and Tony Odiba. The startup permits Africans to put money into overseas funding alternatives.
  • The corporate’s final funding was an undisclosed seed spherical in March 2021. And its disclosed funding so far is a $120,000 seed spherical from July 2020. As of August 2021, Risevest, which then had over 12,000 folks Current in his Telegram studying neighborhood, he was one in every of 4 fintech firms whose accounts had been frozen by the Nigerian central financial institution for 180 days for partaking in speculative transactions that allegedly weakened the naira in opposition to the greenback.
  • Two months later, in October, the corporate rescinded the order.

The information continues after this announcement.


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