The CEO of Risevest, Eke Urum, has been found guilty of sexual impropriety and abuse of power by the investigation panel set up by the firm.
NewsWireNGR reports that a press statement by the company dated August 30, 2022 had noted; “In light of allegations of abuse of power and sexual impropriety, Eke Urum willingly agreed to step aside as CEO of Risevest as of August 3, 2022, to allow for a 6-week investigation, set up by Risevest’s investors, to run its course.”
The Head of Operations, Tony Odiba, was promoted to the position of acting CEO in light of the development.
The firm however set up a 3-man investigation panel with the promise to make the “findings of the investigation will be made known within 2 weeks of the conclusion of the investigation process”.
Sharing its findings, the Panel said; “The evidence presented to the panel could not prove sexual assault by Eke Urum.
“However, the evidence presented to the panel including admitted sexual relations with an employee and unwanted, inappropriate jokes and conversations revealed sexual impropriety. It also showed a pattern of abuse of power, intimidation, retaliation and workplace bullying by him”.
A member of the investigation panel, Toun Tunde-Anjous of The People Practice shared that 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, lead the startup’s investment strategy, and provide guidance on technology.
“As a leader, I have grown a lot over the years and still have a lot of growing to do, which is why I’m going to be taking additional coaching and executive training,” Urum told TechCabal in response to the findings of the investigation. “I regret the distraction that my actions may have caused and fully respect the integrity of the process the Risevest investors and the panel underwent to identify the gaps in our systems and my leadership.”
It took the investigation panel, comprised of Tomi Davies of TVC Labs as Chair, Odun Longe of TLP Advisory as Legal Adviser and Toun Tunde-Anjous The People Practice as People and Culture Adviser. They interviewed almost 60 current and former employees to reach a conclusion.