Executive Director and Acting Managing Director of Lagride, Jubril Arogundade, has had his appointment terminated by CIG Motors Co. Ltd on allegations of financial misappropriation and abuse of authority.
According to CIG Motors, findings of its investigations revealed conduct that fell significantly below its governance, compliance, and ethical standards, necessitating decisive action at the senior management level.
CIG Motors, which operates the Lagride e-hailing platform, said its review uncovered serious governance concerns, including issues bordering on financial impropriety and abuse of authority, which were deemed incompatible with its corporate values and internal control framework.
The company further disclosed that matters connected to financial impropriety arising from the investigation have been formally referred to the Economic and Financial Crimes Commission (EFCC).
Reacting to the company’s claims, the former Executive Director, Arogundade denied being sacked, saying he resigned.
“I resigned on 2nd of December by myself, after several months of asking questions on the diversion of funds by the chairman of CIG Motors,” Arogundade said
According to him, the resignation also followed prolonged and fundamental disagreements “arising from serious concerns about the company’s growing debt profile, weak corporate governance practices, and persistent compliance failures.”
“I categorically reject any insinuation of wrongdoing on my part and reserve my right to take appropriate steps to protect my name, integrity, and professional reputation against further reckless or false publication,” he concluded.
