The appointment of an Executive Director of CIG Motors, Mr Jubril Arogundade, has been terminated, a statement from the auto firm has revealed.
It was disclosed that Mr Arogundade was relieved of his duties over an alleged financial misappropriation and abuse of authority, with the matter referred to the Economic and Financial Crimes Commission (EFCC).
CIG Motors said it took the decision to fire Mr Arogundade following internal investigations that uncovered issues relating to financial misappropriation and abuse of authority.
The company said it first suspended the accused person for a comprehensive internal review and findings showed that his actions fell significantly below its governance, compliance, and ethical standards, making immediate termination necessary.
The organisation further disclosed that it is cooperating fully with the authorities, including the EFCC, 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, noting 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. It 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, a part of the statement said.
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.