***Refers Case To EFCC
CIG Motors Co. Ltd has announced the dismissal of its Executive Director, Jubril Arogundade, over alleged financial misappropriation and abuse of authority.
In a statement issued to the media, the company disclosed that it terminated the appointment of Jubril Arogundade following internal investigations into his conduct. The decision, according to CIG Motors, came after a period of suspension and a comprehensive internal review.
Jubril Arogundade, sacked by CIG Motors
Jubril Arogundade
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The company stated that the findings of the investigation revealed actions that fell significantly below its governance, compliance, and ethical standards, making immediate termination necessary.
CIG Motors further revealed that the outcome of the investigation has been formally referred to the Economic and Financial Crimes Commission (EFCC). The company assured the public that it is fully cooperating with the anti-graft agency as the matter progresses through the appropriate regulatory and legal channels.
Jubril Arogundade
Emphasising its zero-tolerance stance on financial misconduct and abuse of authority, particularly at the senior management level, CIG Motors said the action reflects its commitment to safeguarding institutional integrity and maintaining strong internal controls.
The statement also clarified that the company will not engage in further public commentary on the issue, noting that the matter is now before the relevant authorities. It added that the development will not affect operational continuity across the business.
Reaffirming its commitment to the highest standards of corporate governance, accountability, and transparency, CIG Motors assured stakeholders that adequate measures remain in place to protect the company’s long-term stability and reputation.
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