Risevest CEO, Eke Urum, steps down over alleged sexual misconduct, abuse of power

A co-founder and Chief Executive Officer (CEO) of Risevest, a leading stock investment app in Nigeria, Eke Urum, has stepped down from his position as the company launches an investigation into allegations of misconduct leveled against him.

Urum, according to a statement from the company sighted by Nairametrics, is being investigated for alleged sexual impropriety and abuse of power.

The company says a three-man investigation panel has been set up to look at the matter. The panel members include 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.

What the company is saying

The company in the statement issued today said: “In light of allegations of abuse of power and sexual impropriety, Eke Urum, willingly agreed to step aside as the CEO of Risevest as of August 3, 2022, to allow for a six-week investigation, set up by Risevest’s investors, to run its course.

“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.”

It added: “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 United States 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.”

What you should know

• 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.

Source: nairametrics