CIG Motors Co. Ltd has terminated the appointment of Jubril Arogundade, Executive Director and Acting MD of Lagride, after an internal investigation alleged financial misappropriation and abuse of authority. The company said the findings violated its corporate governance and ethical standards.
EFCC Steps In
Parts of the investigation have been referred to the Economic and Financial Crimes Commission (EFCC). CIG Motors said it is fully cooperating with authorities. The firm emphasized its zero-tolerance policy for misconduct and assured stakeholders that operations continue normally.
Arogundade Responds
Arogundade denied being fired, claiming he resigned on December 2, 2025, citing disagreements over the company’s growing debt, weak governance, and ongoing compliance failures. He said he has raised concerns about borrowing without proper debt management and plans to protect his reputation.
Impact on drive-to-Own program
Lagride recently secured a $100 million Drive-To-Own financing facility from UBA, aimed at helping 3,500 drivers move from daily rentals to asset ownership. CIG Motors said the incident does not affect the program or operational continuity.
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