CIG Motors Terminates Executive Director Jubril Arogundade Over Financial Misappropriation And Abuse Of Authority, Refers Case To EFCC

CIG Motors Terminates Executive Director Jubril Arogundade

 

OpenLife Nigeria reports that CIG Motors Co. Ltd has announced the immediate termination of the appointment of its Executive Director, Jubril Arogundade(@JubrilofLagos), following internal investigations that uncovered issues relating to financial misappropriation and abuse of authority.

In a statement made available to Nairametrics, the company said the decision followed a period of suspension and a comprehensive internal review. According to CIG Motors, the findings of the investigation revealed conduct that fell significantly below the company’s governance, compliance, and ethical standards, making immediate termination necessary.

The company further disclosed that matters connected to financial impropriety arising from the investigation have been formally referred to the Economic and Financial Crimes Commission (EFCC). CIG Motors stated that it is cooperating fully with the authorities as the matter progresses through the appropriate regulatory and legal channels.

CIG Motors emphasised that the action reflects a zero-tolerance stance on financial misconduct and abuse of authority, particularly at senior management level. The company noted that safeguarding institutional integrity and maintaining robust internal controls remain central to its operations.

The statement also clarified that CIG Motors will not engage in further public commentary on the matter, stressing that it is now before the relevant authorities. The company added that operational continuity across the business remains unaffected.

The development aligns with a broader trend seen across Nigeria’s corporate and financial landscape in recent months, where several organisations have taken decisive action against senior executives following internal probes, regulatory breaches, or governance failures.

Analysts note that such actions signal growing pressure on corporate boards to strengthen oversight, enforce accountability, and demonstrate compliance with governance best practices.

CIG Motors reiterated its commitment to the highest standards of corporate governance, accountability, and transparency, assuring stakeholders that appropriate measures are in place to protect the company’s long-term stability and reputation.