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Risevest CEO Found Guilty of Sexual Impropriety, Abuse of Power

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Urum Eke Risevest CEO

By Adedapo Adesanya

The Chief Executive Officer (CEO) of Risevest, Mr Eke Urum, has been found guilty of sexual impropriety and abuse of power.

This was the outcome of a six-week investigation into allegations of sexual and non-sexual abuse against the stock investment startup founder.

A statement noted that, “The evidence presented to the panel could not prove sexual assault by Eke Urum. However, the evidence presented to the panel, including admitted sexual relations with an employee and unwanted, inappropriate jokes and conversations revealed sexual impropriety. It also showed a pattern of abuse of power, intimidation, retaliation and workplace bullying by him.”

It was reported by TechCabal that a member of the investigation panel, Toni Tunde-Anjous, said that Mr Urum would not be reinstated as CEO.

Mr Tony Odiba, who is in the acting CEO role, will remain in that capacity until the newly constituted board appoints a new CEO.

Mr Urum will transition into a non-executive member of a new board and will lead the startup’s investment strategy and provide guidance on technology.

On his part, the Risevest CEO told the publication in response to the findings of the investigation that he was regretful and promised support for the new CEO.

“As a leader, I have grown a lot over the years and still have a lot of growing to do, which is why I’m going to be taking additional coaching and executive training.

“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 to identify the gaps in our systems and my leadership.”

It took the investigation panel, comprising Odun Longe and Toni Tunde-Anjous, and chaired by Tomi Davies, speaking with almost 60 current and former employees over six weeks to reach a conclusion.

The investigation panel also recommended that a board of directors consisting of Mr Urum, Mr Odiba, two investor representatives, and one independent member approved by both founder and investor groups should be immediately constituted.

Prior to this, Risevest didn’t have a board of directors.

The panel called that after the board is formed, the conversion of currently-held (simple agreement for future equity) SAFEs into equity should take place.

Two months ago, Business Post reported that Mr Urum was asked to step aside by investors at the company, despite owning the largest part of the company, until the end of the investigation by panel members appointed by the investors.

“Following allegations of sexual and non-sexual impropriety from someone who can be reasonably expected to have knowledge of such, investors of Risevest have asked Eke Urum to step aside from his role as founder and CEO and an independent investigation is ongoing,” the company noted.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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NMDPRA CEO Farouk Ahmed, NUPRC Boss Gbenga Komolafe Resign

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farouk ahmed gbenga komolafe

By Adedapo Adesanya

The chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, has resigned alongside his counterpart at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe.

Based on the development, President Bola Tinubu has asked the Senate to confirm new chief executives for the two agencies.

The President’s request was contained in separate letters to the Senate on Wednesday, according to a statement signed by Mr Bayo Onanuga, the Special Adviser to the President on Information and Strategy, late on Wednesday.

Both officials were appointed in 2021 by former President Muhammadu Buhari to lead the two regulatory agencies created by the Petroleum Industry Act (PIA).

To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Mrs Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Mr Saidu Aliyu Mohammed as CEO of NMDPRA.

Mr Ahmed’s resignation comes amid a high-profile conflict with businessman, Mr Aliko Dangote, who alleged that the NMDPRA chief and his family were living beyond their legitimate means, citing millions of Dollars allegedly spent on overseas schooling for his four children.

Mr Eyesan, a graduate of Economics from the University of Benin, spent nearly 33 years with the NNPC and its subsidiaries. She retired as Executive Vice President, Upstream (2023–2024), and previously served as Group General Manager, Corporate Planning and Strategy at NNPC from 2019 to 2023.

Mr Mohammed, born in 1957 in Gombe, graduated from Ahmadu Bello University in 1981 with a Bachelor’s in Chemical Engineering. He was announced today as an independent non-executive director at Seplat Energy.

His prior roles include Managing Director of Kaduna Refining and Petrochemical Company and Nigerian Gas Company, as well as Chair of the boards of West African Gas Pipeline Company, Nigeria LNG subsidiaries, and NNPC Retail.

He also served as Group Executive Director/Chief Operating Officer, Gas & Power Directorate, where he provided strategic leadership for major gas projects and policy frameworks, including the Gas Masterplan, Gas Network Code, and contributions to the Petroleum Industry Act (PIA).

He played a pivotal role in delivering key projects such as the Escravos–Lagos Pipeline Expansion, the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and Nigeria LNG Train.

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Transcorp Hotels Picks Awele Elumelu as Board Chair

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awele vivian elumelu

By Adedapo Adesanya

Transcorp Hotels Plc has appointed Mrs Awele Vivien Elumelu as the chair of its board, effective January 1, 2026.

Her appointment follows the scheduled retirement of the current chairman, Mr Emmanuel N. Nnorom.

Mrs Elumelu, a medical doctor with an MBBS from the University of Benin (UNIBEN) and clinical experience in Nigeria and the United Kingdom, brings extensive experience in healthcare, insurance, corporate governance, and philanthropy. She is married to the chairman of Transcorp Plc, Mr Tony Elumelu.

She currently chairs Avon Healthcare Limited, a Nigerian health maintenance organisation, and Avon Medical Practice, a network of hospitals and clinics.

She also chairs Heirs Insurance Brokers and serves as a founding Director of Heirs Holdings Limited. Her executive education includes programmes at Harvard Business School, IMD Switzerland, and the London School of Economics.

According to a statement, her appointment highlights a strategic focus on integrating innovation, wellness, and responsible business practices into Transcorp Hotels’ operations. Mrs Elumelu is also a trustee and co-founder of the Tony Elumelu Foundation, through which she has supported more than 24,000 African entrepreneurs with training, seed capital, and mentorship, while advancing gender inclusion.

Commenting on the appointment, Mr Elumelu tasked his wife to deliver value to stakeholders.

“We are delighted to welcome Dr Awele Elumelu as the board chair of Transcorp Hotels. Her distinguished track record perfectly aligns with our ambition to redefine hospitality through innovation, wellness integration, and responsible business practices. Her strategic insight will be invaluable, as we continue to elevate guest experiences and deliver sustainable value to all stakeholders,” he said.

Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc. The firm manages prominent properties including the Transcorp Hilton Abuja and the recently launched 5,000-seat Transcorp Centre. It is part of Transcorp Group’s diversified investments across power, hospitality, and energy sectors in Africa.

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Falade to Head NLNG as Mshelbila Quits to Lead Gas Exporting Countries Forum

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Nigeria LNG Limited NLNG

By Adedapo Adesanya

The Board of Directors of the Nigeria LNG Limited (NLNG) has appointed Mr Adeleye Falade as its new chief executive. He is to assume office in April 2026.

Mr Falade joins NLNG from Brunei LNG, where he has been serving in a similar position.

His appointment follows the exit of Mr Philip Mshelbila after more than four years of leadership to assume the position of Secretary-General of the Gas Exporting Countries Forum (GECF) in Doha, Qatar. He will officially leave the company on December 31, 2025.

Last weekend, a send-off ceremony was held in Abuja at the weekend to mark the end of the tenure of Mr Mshelbila and was graced by NLNG Directors, executives from shareholder companies, dignitaries from the public sector and energy industry in Nigeria, members of NLNG management, and representatives of various staff groups.

Speaking about the outgoing NLNG helmsman, Mr Olakunle Osobu, NLNG’s Deputy Managing Director, in his remarks described Mr Mshelbila as a man of distinction, an accomplished professional whose expertise spans medicine, environmental health, strategic business leadership, and global gas diplomacy.

He revealed that the outgoing MD stepped in during a period of unprecedented challenges, from the aftermath of COVID-19 and severe flooding that disrupted gas pipelines to vandalism and force majeure declarations by suppliers.

Mr Osobu stated that the global energy turbulence following the Russia–Ukraine war added further strain, but noted that despite these hurdles, NLNG pursued its sustainability goals with courage and innovation.

“Understanding that NLNG needed multiple supply sources, especially with current challenges, Mshelbila championed a bold and strategic pivot to expand NLNG’s feed-gas base beyond the shareholder joint-venture supply chain.

It was also revealed that under his leadership, NLNG negotiated and signed long-term Gas Supply Agreements (GSAs) with six third-party gas suppliers in August 2025. These GSAs commit to delivering an estimated 1,290 million standard cubic feet per day (mmscf/d) of feed-gas to NLNG, a historic step for the Company, marking a seismic shift,”.

Mr Osobu stated that Mr Mshelbila had championed innovation with a forward-looking approach, inspiring NLNG’s workforce to strengthen their commitment to emissions control and environmental stewardship, adding that Mr Mshelbila redefined NLNG’s business model through its transformation programme, building foundations for future sustainability and value creation.

In her remarks, Mrs Sophia Horsfall, NLNG’s General Manager, External Relations and Sustainable Development, said, “Thank you for your selflessness, for the steadiness of your leadership, for the clarity of your vision, and for the values that guided your every step. You led with humility, yet you inspired greatness. You carried the weight of challenges with calm resolve. You charted a path toward sustainability long before it became fashionable.”

On his part, Mr Mshelbila expressed profound gratitude to NLNG’s shareholders, Board of Directors, staff, and industry partners for their support throughout his tenure.

He praised the Company’s enduring culture of innovation and excellence and affirmed that he would carry these values into his new role at GECF, where he will promote natural gas as a sustainable and reliable energy source.

As Secretary-General of GECF, Mr Mshelbila will strengthen dialogue between gas-producing and gas-consuming nations, advancing stability in the international gas market.

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