A panel set up in August to investigate allegations against the founder and CEO of Risevest, Eke Urum, has said that it found him guilty of sexual impropriety and abuse of power.
Earlier in August, Nairametrics reported that 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 sexual assault by Eke Urum.
Risevest CEO Found Guilty Of Sexual Impropriety, Abuse Of Power, Says Investigation Panel
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.”
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.