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Urum
will transition into a non-executive member of a new board and will
lead the startup’s investment strategy and provide guidance on
technology.
 The founder and CEO of Risevest, Eke Urum, has been found guilty of s3xual impropriety and abuse of power.
A panel set up in August to investigate allegations against announced the verdict.
Earlier in August, Urum was asked to step down as the company set
up a three-man investigation to look at allegations leveled against him
by a staff of the company. The panel members included Tomi Davies of TVC
Labs as Chairperson; Dunoluwa Longe of TLP Advisory as Legal Adviser
and, Toun Tunde-Anjous of The People Practice as People and Culture
Adviser.
Risevest in a statement revealing the findings of the panel said: “The
evidence presented to the panel could not prove s3xual assault by Eke
Urum. However, the evidence presented to the panel including admitted
s3xual relations with an employee and unwanted, inappropriate jokes and
conversations revealed s3xual impropriety. It also showed a pattern of
abuse of power, intimidation, retaliation, and workplace bullying by
him.”
According to the statement, the panel recommended that Urum should
not be reinstated as CEO. Instead, Tony Odiba, the acting CEO, will
remain in that capacity until the newly constituted board appoints the
next CEO.
Urum will transition into a non-executive member of a new board and
will lead the startup’s investment strategy and provide guidance on
technology.
The investigation panel also recommended that a board of directors
comprised of Urum, Tony Odiba, two investor representatives, and one
independent member approved by both founder and investor groups, be
immediately constituted.
Risevest was founded in 2019 by Bosun Olanrewaju, Eke Urum, and
Tony Odiba. The startup allows Africans to invest in foreign investment
opportunities.
The company’s last funding was an undisclosed seed round in March
2021. And its disclosed funding to date is a $120,000 seed round from
July 2020. In August 2021, Risevest, which then had over 12,000 people
present in its Telegram learning community, was one of four fintech
companies whose accounts the Nigerian central bank froze for 180 days
for engaging in speculative trading that allegedly weakened the naira
against the dollar.
Two months later, in October, the company overturned the order. |
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