CIG Motors Co. Ltd has dismissed its Executive Director, Jubril Arogundade.
This follows allegations of financial misappropriation and abuse of authority, referring the matter to the Economic and Financial Crimes Commission (EFCC) for investigation.
In a statement issued on Sunday, the automobile company confirmed the immediate termination of Arogundade’s appointment.
Also, it states that the decision followed a period of suspension and a comprehensive internal investigation into his conduct.
According to CIG Motors, findings from the internal review revealed actions that fell far below the company’s governance, compliance and ethical standards.
“The seriousness of the issues uncovered informed management’s decision to approve the immediate termination of his appointment,” the company stated.
CIG Motors further disclosed that elements of the investigation relating to alleged financial impropriety have been formally handed over to the EFCC.
Also, it added that it is fully cooperating with relevant authorities as the matter proceeds through legal and regulatory channels.
The company emphasised its zero-tolerance stance on financial misconduct and abuse of authority, particularly at senior management level.
Also, it stresses that safeguarding institutional integrity and protecting stakeholder interests remain core priorities.
Despite the development, CIG Motors assured customers, partners and investors that its operations remain unaffected, noting that business activities are continuing as normal.
“We will not engage in further public commentary on this matter as it is now before the appropriate authorities,” the company added.
However, reacting to the reports, Arogundade denied claims that he was sacked.
He insisted that he voluntarily resigned from his position on December 2, 2025.
Also, he described reports of his dismissal as misleading.
People Also Read: World Bank Loans $500M To Boost Nigeria’s Small Businesses
He stated that his decision to resign stemmed from prolonged disagreements over the company’s financial management and governance direction.
