CIG Motors Sacks Executive Director Over Financial Misconduct, EFCC Notified

CIG Motors has terminated the appointment of its Executive Director, Jubril Arogundade, due to alleged financial misappropriation and misconduct. The company disclosed that the matter has been forwarded to the EFCC for further investigation.

Arogundade's resignation was reportedly linked to concerns over the company's rising debt profile and weak corporate governance practices. Chairperson Diana Chen has been leading efforts to address compliance issues, including tax compliance challenges within the company.