CIG Motors Terminates Govt Director Jubril Arogundade Over Monetary Misappropriation and Abuse of Authority, Refers Case to EFCC

CIG Motors Co. Ltd has introduced the fast termination of the appointment of its Govt Director, Jubril Arogundade(@JubrilofLagos), following inner investigations that uncovered points referring to monetary misappropriation and abuse of authority.

In an announcement made out there to Nairametrics, the corporate mentioned the choice adopted a interval of suspension and a complete inner evaluation. In keeping with CIG Motors, the findings of the investigation revealed conduct that fell considerably under the corporate’s governance, compliance, and moral requirements, making fast termination obligatory.

The corporate additional disclosed that issues related to monetary impropriety arising from the investigation have been formally referred to the Financial and Monetary Crimes Fee (EFCC). CIG Motors said that it’s cooperating absolutely with the authorities because the matter progresses by way of the suitable regulatory and authorized channels.

CIG Motors emphasised that the motion displays a zero-tolerance stance on monetary misconduct and abuse of authority, notably at senior administration stage. The corporate famous that safeguarding institutional integrity and sustaining sturdy inner controls stay central to its operations.

The assertion additionally clarified that CIG Motors won’t have interaction in additional public commentary on the matter, stressing that it’s now earlier than the related authorities. The corporate added that operational continuity throughout the enterprise stays unaffected.

The event aligns with a broader development seen throughout Nigeria’s company and monetary panorama in current months, the place a number of organisations have taken decisive motion towards senior executives following inner probes, regulatory breaches, or governance failures. Analysts observe that such actions sign rising stress on company boards to strengthen oversight, implement accountability, and reveal compliance with governance finest practices.

CIG Motors reiterated its dedication to the very best requirements of company governance, accountability, and transparency, assuring stakeholders that applicable measures are in place to guard the corporate’s long-term stability and popularity.