In late 2022, an independent investigation cast a shadow over Risevest, a Nigerian fintech startup, as its founder, Eke Urum, faced allegations of workplace bullying and sexual impropriety. Following the findings, which included recommendations for Eke to step aside as CEO, questions persist about his continued influence within the company.The investigation, conducted over six weeks, highlighted issues around power dynamics and inappropriate behavior. While the panel did not substantiate allegations of sexual assault, its report detailed incidents of “sexual impropriety,” including consensual relations with an employee and inappropriate jokes. The report also noted patterns of intimidation, abuse of power, and workplace bullying.
Company Leadership and Eke’s Involvement
The panel recommended that Eke should not return as CEO, proposing that co-founder Tony Odiba step in as acting CEO while a permanent replacement was identified. However, months later, sources close to the company claim that Eke remains deeply involved in decision-making.While the acting CEO, Tony Odiba, asserts that he oversees operations, he confirmed that Eke retains a leadership role in the investment arm and product strategy. In a separate statement, Eke himself denied involvement in the company’s day-to-day activities, emphasizing that his role is limited to guiding product development and investment decisions.Employees reportedly held a company-wide meeting following the panel’s findings, during which Eke refuted the allegations and urged the team to focus on their work. Despite the controversy, insiders indicate that most employees have accepted the situation and moved forward.
Layoffs Add to Company Turmoil
Amid the leadership uncertainties, Risevest also implemented layoffs between December 2022 and January 2023. Sources suggest that around 10 employees were affected, with the company attributing the decision to broader macroeconomic challenges. Acting CEO Odiba confirmed these layoffs, stating that while Risevest continues to meet its obligations, adjustments were necessary to ensure operational stability.
As Risevest navigates these turbulent times, its leadership must balance maintaining trust with employees and stakeholders while addressing the ongoing scrutiny surrounding its founder. The unfolding situation raises broader questions about accountability and governance in startups, particularly in the face of significant allegations.With Eke reportedly considering legal action to address what he claims are false accusations, the story is far from over. How Risevest manages these challenges will likely determine its path forward.
