CIG Motors has confirmed the termination of the appointment of Jubril Arogundade following the conclusion of an internal governance investigation that uncovered alleged financial misappropriation and abuse of executive authority.

In a statement issued on Monday, the company said Mr Arogundade was first placed on suspension and subsequently subjected to a structured internal review in line with its corporate governance and disciplinary procedures. According to CIG Motors, the investigation established findings serious enough to warrant his immediate removal from all roles within the organisation.

The company disclosed that issues relating to financial impropriety identified during the investigation have been formally referred to the Economic and Financial Crimes Commission (EFCC) for further action. It said all relevant documents have been submitted through the appropriate legal and regulatory channels, and that the firm is fully cooperating with investigators.

“CIG Motors maintains a zero-tolerance position on breaches of governance,” the statement said, adding that executive responsibility within the group is anchored on accountability, transparency and institutional discipline. The company stressed that all actions taken were in line with due process and the rule of law.

The management said the development reflects its broader commitment to disciplined corporate governance and does not affect ongoing operations. CIG Motors noted that it has formally concluded its Ember Sales campaign, which it described as delivering the largest price reductions recorded in Nigeria’s automotive market, with discounts of up to 50 per cent on selected vehicle models.

Building on that campaign, the company announced plans to roll out a nationwide “New Year Price Takeover”, which it said would be its first major commercial activation of the year. According to CIG Motors, the initiative is designed to expand access to new vehicles while reinforcing its long-term investment in Nigeria’s automotive sector.

“Business continuity, customer confidence and institutional integrity remain our priorities,” the statement said. “Our governance standards are non-negotiable and apply across all levels of the organisation.”

The statement was signed by Ifeanyi Abraham, PR Director, CIG Motors Co. Ltd.

Read the full statement below:

CIG MOTORS TERMINATES JUBRIL AROGUNDADE AFTER ALLEGED FINANCIAL MISAPPROPRIATION AND FRAUD FINDINGS, REFERS CASE TO EFCC

CIG Motors Co. Ltd hereby confirms the termination of the appointment of Mr. Jubril Arogundade following the conclusion of a comprehensive internal governance review.

Mr. Arogundade was placed on suspension and subjected to a structured internal investigation in line with the company’s governance framework. The investigation established clear findings of financial misappropriation and abuse of executive authority. Based on these findings, and after due process was fully observed, CIG Motors has removed Mr. Arogundade from all roles within the organisation.

Matters relating to financial impropriety arising from this investigation have been formally referred to the Economic and Financial Crimes Commission (EFCC). CIG Motors is cooperating fully with the appropriate authorities, and all relevant documentation has been submitted through the required legal and regulatory channels.

CIG Motors maintains zero tolerance for breaches of governance. Executive responsibility within the group is firmly anchored on accountability, transparency, and institutional discipline. We remain a law-abiding organisation and will continue to pursue accountability strictly through the rule of law.

This development underscores the Company’s commitment to disciplined governance and execution. CIG Motors has formally concluded its Ember Sales campaign, which delivered the largest price reductions recorded in Nigeria’s automotive market, with discounts of up to 50 percent across selected vehicle models.

The success of the Ember Sales has paved the way for our next nationwide commercial initiative, the New Year Price Takeover, which will serve as our first major market activation of the year. This initiative is designed to further expand access to new vehicles while reinforcing our long-term investment in Nigeria’s automotive sector.

CIG Motors remains fully focused on business continuity, customer confidence, and institutional integrity. Our governance standards are non-negotiable and apply across all levels of the organisation.

Signed,

Ifeanyi Abraham
PR Director
CIG Motors Co. Ltd