CIG Motors Dismisses Director, Reports Case To EFCC

CIG Motors Co. Ltd has terminated the appointment of its Executive Director, Jubril Arogundade, following allegations of financial misappropriation and abuse of authority.

The company confirmed that the matter has been formally referred to the Economic and Financial Crimes Commission (EFCC) for further investigation. In a statement on Sunday, CIG Motors said the decision followed a period of suspension and a “comprehensive internal review” into Arogundade’s conduct.

“The findings of the investigation revealed behaviour that fell significantly below the company’s governance, compliance, and ethical standards,” the company said. “In view of the seriousness of the issues uncovered, management approved the immediate termination of his appointment.”

CIG Motors added that aspects of the probe related to financial misconduct have been escalated to law enforcement authorities. “Matters connected to financial impropriety have been formally referred to the EFCC. The company is cooperating fully with the authorities as the investigation progresses through the appropriate legal and regulatory channels,” it said.

The company emphasised that the action reflects its zero-tolerance policy on financial misconduct and abuse of authority, particularly at senior management levels. “Safeguarding institutional integrity and protecting stakeholder interests remain central to our operations,” it stated.

Sources said the internal review examined several transactions and management decisions that allegedly breached internal controls. While specific details were not disclosed, the company noted that the investigation was thorough and guided by its governance framework.

Arogundade, for his part, stated that he is not afraid of any investigation and is willing to cooperate fully with lawful inquiries, even though he has not yet been formally contacted by the EFCC.