CIG Motors Co. Ltd has announced the immediate termination of the appointment of its Executive Director, Mr. Jubril Arogundade, following the conclusion of an internal investigation that uncovered alleged financial misappropriation and abuse of authority.
In a statement made available to Nairametrics, the company said the decision followed an earlier suspension and a comprehensive internal review process. According to CIG Motors, the findings revealed conduct that fell significantly short of its governance, compliance, and ethical standards, necessitating immediate dismissal.
The company further disclosed that issues relating to financial impropriety identified during the investigation have been formally referred to the Economic and Financial Crimes Commission (EFCC). CIG Motors said it is fully cooperating with the authorities as the matter proceeds through the appropriate legal and regulatory channels.
CIG Motors stressed that the action underscores its zero-tolerance policy towards financial misconduct and abuse of authority, particularly at the senior management level. The company added that safeguarding institutional integrity and maintaining strong internal controls remain central to its operations.
The statement noted that the company would not make further public comments on the matter, as it is now before the relevant authorities. It also assured stakeholders that the development has not affected operational continuity across the business.
The development comes amid a broader trend in Nigeria’s corporate and financial sectors, where organisations have increasingly taken decisive action against senior executives following internal investigations, regulatory breaches, or governance lapses. Analysts say such moves reflect growing pressure on corporate boards to strengthen oversight, enforce accountability, and demonstrate adherence to governance best practices.
CIG Motors reiterated its commitment to the highest standards of corporate governance, accountability, and transparency, assuring stakeholders that measures are in place to protect the company’s long-term stability and reputation.
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