Risevest CEO Eke Urum quits over sexual abuse allegations

Enitan Daramola
Enitan Daramola

The founder and CEO of Nigeria-based stock investment app, Risevest – Eke Eleanya Urum, has stepped down from his role following “allegations of abuse of power and sexual impropriety.”

Risevest made this known in a statement made available to AMBusiness on Tuesday, 30th of August 2022.

According to the company, Urum “willingly agreed to step aside as CEO as of August 3 2022 to allow for a 6-week investigation, set up by Risevest’s investors, to run its course.”

Urum had told TechCabal that he was “told(of the allegations) on the evening of August 1 by investors that someone reached out that there were allegations of bullying, sexual harassment, and intimidation. They didn’t say by whom, but I was told to step aside so an independent panel could carry out an investigation.”

The Risevest founder succumbed to pressure from investors calling for his resignation two days after by resigning on August 3, according to the company.

“An independent investigation panel was set up by Risevest’s investors to look extensively into the allegations. The members include:
Tomi Davies of TVC Labs as Chair, Odunoluwa Longe of TLP Advisory as Legal Adviser and, Toun Tunde-Anjous of The People Practice as People and Culture Adviser,” the company said.

Risevest however noted that its Head of Operations, Tony Odiba, will serve as the interim CEO following the resignation of Urum.

It said, “The current Head of Operations, Tony Odiba, who has been with Risevest since its inception, has been leading the company as the interim CEO, while Otasowie Evbuomwan still leads Risevest’s US Operations. Risevest as a company has zero tolerance for abuse, harassment, and misconduct and is committed to establishing the truth of this matter while also reviewing policies to ensure a safer workplace.”

The company added, “Findings of the investigation will be made known within 2 weeks of the conclusion of the investigation process. Risevest’s operations and investment processes do not rely on any single individual and are completely unaffected by any of these circumstances. Our team continues to manage all investments and operations as usual.

“We are committed to getting to the root of the matter and have launched a formal investigation to achieve this. The situation is being handled with utmost transparency through an independent panel with no affiliation to employees of Risevest.

“We want to assure our stakeholders and the general public that we continue to operate optimally as a company, and our customers will continue to enjoy the highest quality of services and support. Here are answers to some of the questions you may immediately have.”

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