Management of CIG Motors has announced the termination of the appointment of Jubril Arogundade from his roles at CIG Motors and Lagride following allegations of financial misappropriation and fraud arising from an internal review.
The announcement was made via the company’s official Instagram and LinkedIn pages, @CIGMotorsngr, where management disclosed that the decision followed a period of suspension and a structured internal investigation into alleged financial and executive improprieties.
According to the press statement issued by the company, the internal review raised concerns relating to the handling of financial responsibilities and the exercise of executive authority. CIG Motors stated that the decision to terminate the appointment was taken in line with its internal governance framework and disciplinary processes.
The company further disclosed that matters arising from the internal review have been formally referred to the Economic and Financial Crimes Commission for further examination. CIG Motors said it has submitted relevant documentation to the authorities and will be closely following the process as it unfolds.
Management emphasised that the allegations are now subject to regulatory review and that the company will cooperate fully with the appropriate institutions in accordance with Nigerian law. It added that the matter would be allowed to run its course through the relevant legal and regulatory channels.
In the statement, CIG Motors reiterated its zero tolerance for alleged financial impropriety and governance breaches, stressing that executive roles within the organisation carry strict obligations of accountability, transparency, and institutional discipline.
Separately, the company confirmed the conclusion of its Ember Sales campaign, which it said delivered the largest price reductions recorded in Nigeria’s automotive market, with discounts of up to 50 percent across selected vehicle models.
CIG Motors also announced that it is launching a first-of-its-kind CIG New Year Price Takeover, expected to commence as the company’s first major market activation of the year. According to the statement, the initiative is aimed at expanding consumer access to new vehicles while reinforcing the group’s long-term investment strategy in Nigeria’s automotive sector.
The company concluded by reaffirming its commitment to institutional integrity and regulatory compliance.
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