CIG Motors Company Limited has dismissed its Executive Director, Jubril Arogundade, following an internal investigation into alleged financial misappropriation.

In a statement, the company said Mr. Arogundade’s appointment was terminated following the conclusion of a “comprehensive internal governance review.”

According to the statement: “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.”

The statement further said that based on the findings of the investigation and observance of due process, CIG Motors, “removed Mr. Arogundade from all roles within the organization,” adding that, “matters relating to financial impropriety arising from this investigation have been formally referred to the Economic and Financial Crimes Commission (EFCC).”

The company said, in the statement, that it was cooperating fully with the appropriate authorities and that all relevant documentation had been submitted through the required legal and regulatory channels.

Meanwhile, the company has announced 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 per cent across selected vehicle models.”