On Tuesday, 30th of August, RiseVest released a statement informing the public of recent events within the company: its CEO, Eke Urum had stepped down, following allegations of sexual misconduct and abuse of power. And while investigations are ongoing, Tony Odiba, the company’s Head of Operations who has been with the company since inception has been named interim Risevest CEO.
Risevest was Founded in 2019 by the trio of Eke Urum, Tony Odiba, and Bosun Olanrewaju. The stock investment-centered fintech allows Africans access to foreign investments. In August 2020, It was one of four financial technology companies whose accounts were frozen for 180 days for engaging “in speculative trading that allegedly weakened Nigeria’s currency against the US dollar.” Two months later, in November, the company overturned the freeze. And now, it seems to be on a trend of incessant toxic work culture reported among startups in the ecosystem.
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A TechCabal report reveals that the events had begun to unfold from the 1st of August when Eke was notified of the allegations. “They didn’t say by whom, but I was told to step aside so an independent panel could carry out an investigation.”, he told Techcabal, and stepped down on the 3rd of August.
Similar events occurred early last year when Eke was accused of breach of contract and abuse of power by Efe Uduuigwomen, former Head of Marketing at Risevest. And while he had initially denied the allegations, Eke later took responsibility for this and apologized. While sexual harassment and toxic treatments at the workplace seem to be a recurring phenomenon in recent times, this is still a case under thorough investigation with no confirmed indictment.
Furthermore, there’s been no admittance or refutal from Eke, and neither has there been any concrete confirmation of sexual harassment. However, fingers are crossed till the end of the investigation, as outcomes will be made public within two weeks after the investigation. Stakeholders agreed to carry out investigations without external influence to avoid biased investigations or corrupt accurate findings. The 3-man panel includes 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.
A statement from the company reads: 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.
Read: How to Spot a Company With Toxic Work Culture