The team in charge of investigating an allegation of sexual assault by the founder and Chief Executive Officer of Risevest, Eke Urum, has recommended that he should not be reinstated.
The embattled founder was suspended for sexual impropriety and abuse of power in August.
This follows multiple reports by a staff of sexual and non-sexual abuse.
After six weeks of probing the issue, the team said it could not establish sexual assault by the CEO.
However, the evidence showed “sexual relations with an employee; unwanted, inappropriate jokes and conversations revealed sexual impropriety”.
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“It also showed a pattern of abuse of power, intimidation, retaliation and workplace bullying”, it added.
The investigation team interacted with nearly 60 former and current employees before reaching its decision.
The panel comprised Tomi Davies, Odun Longe and Toun Tunde-Anjous.
Tony Odiba, the acting CEO, will remain in the capacity until a substantive chief executive officer is appointed.
Urum is now a non-executive board member and will lead the firm’s investment strategy and provide guidance on technology.
“I regret the distraction that my actions may have caused and fully respect the integrity of the process the Risevest investors and the panel underwent”, Urum said.