Investors at Nigeria-based stock investment app, Risevest, have in a statement recommended that the company’s founder and CEO, Eke Eleanya Urum, step down from his role due to ongoing investigations into allegations of sexual and non-sexual impropriety.
Urum was first notified of the allegations against him by the investors on August 1. Confirming the accusations on a call with TechCabal, Urum himself said, “I was told 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 CEO was asked to step down two days later.
This marks the second time Urum has been outed for misconduct in the workplace. In February 2021, former Risevest employee, Efe Uduigwomen, accused the CEO of creating a stifling work environment where criticism was unwelcome. Uduigwomen, who before leaving the startup, was its head of marketing, accused Eke of a breach of contract because he had fired her for not wanting to work at the startup’s physical office, a request she had made due to COVID concerns. Eke had initially called the allegations “blatant half-truths”. But in another interview with TechCabal, he took responsibility for the allegations and apologised.
Urum was also accused of sexual misconduct earlier this year when TechCabal’s piece on Bento Africa—and its allegedly abusive CEO Ebun Okubanjo—was published, an accusation Urum publicly disputed.
Meanwhile, an investigation panel has been set up to look into the allegations. TVC Labs’ Tomi Davies (TD) will chair the panel while TLP Advisory’s Odunoluwa Longe serves as legal adviser, and The People Practice’s Toun Tunde-Anjous as people and culture adviser.
Risevest’s current head of operations, Tony Odiba, will be acting CEO while Otasowie Evbuomwan, will lead its US operations
Urum joins other Fintech CEOs, including aforementioned Okunbanjo, who have been accused of some form of misconduct at work. Earlier this year, Flutterwave CEO Gbenga Agboola was also accused of fraud and insider trading.
