Jubril Arogundade Fired By CIG Motors over alleged fraud, writes EFCC

Jubril Arogundade, an executive director of CIG Motors, has been relieved of his job by the company over alleged fraud.

The auto firm disclosed that Arogundade was sacked over alleged financial misappropriation.

The company said that the matter has been formally reported to the Economic and Financial Crimes Commission (EFCC).

According to CIG Motors, the decision followed internal investigations that uncovered concerns relating to financial misappropriation and abuse of authority.

It explained that Jubril Arogundade was initially suspended to allow for a comprehensive internal review, after which the findings showed that his conduct fell significantly below the company’s governance, compliance, and ethical standards, necessitating immediate termination.

The organisation further stated that it is cooperating fully with relevant authorities, including the EFCC, as the matter progresses through appropriate regulatory and legal channels.

CIG Motors emphasised that the action reflects its zero-tolerance stance on financial misconduct and abuse of authority, particularly at the senior management level. It added that safeguarding institutional integrity and maintaining robust internal controls remain central to its operations.

The company also clarified that it will not engage in further public commentary on the matter, noting that the case is now before the relevant authorities. It added that operational continuity across the business remains unaffected.

Part of the statement noted that the development aligns with a broader trend 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.

Jubril Arogundade has however dismissed reports that he was sacked, insisting that he voluntarily resigned on December 2, 2025. He described the reports as misleading and a distortion of the facts surrounding his exit from the company.

“My resignation followed serious concerns about the company’s growing debt profile, weak corporate governance practices, and persistent compliance failures, despite internal safeguards and repeated warnings,” he said.