CIG Motors has confirmed the immediate termination of Jubril Arogundade from his roles as Executive Director of the company and Acting Managing Director of Lagride, following the conclusion of internal investigations that uncovered serious governance breaches.
In a public statement released by the company’s management, CIG Motors said the decision followed Arogundade’s earlier suspension and a detailed internal review process, which revealed issues bordering on financial misappropriation and abuse of authority.
“CIG Motors confirms that Jibril Arogundade has been immediately terminated from the position of Executive Director, CIG Motors and Acting Managing Director of Lagride following his suspension and internal investigations which revealed serious governance breaches, including financial misappropriation and abuse of authority,” the statement read.
The company disclosed that matters relating to alleged financial impropriety have now been escalated to the Economic and Financial Crimes Commission for further investigation.
“Matters relating to financial impropriety have been formally referred to the Economic and Financial Crimes Commission (EFCC),” management stated.
Okay News reports that CIG Motors emphasised its commitment to transparency and corporate accountability, noting that it is fully cooperating with relevant authorities as investigations continue.
“CIG Motors is cooperating fully with authorities and remains committed to the highest standards of governance,” the statement added.
The company did not disclose further details regarding the nature or scope of the alleged infractions, but reaffirmed that the actions taken were in line with its internal governance framework and zero-tolerance stance on misconduct.
