The company said that termination of the ED’s appointment was following internal investigations that uncovered issues relating to financial misappropriation and abuse of authority.

In a statement made available to Techeconomy, the company said the decision followed a period of suspension and a comprehensive internal review.

According to CIG Motors, the findings of the investigation revealed conduct that fell significantly below the company’s governance, compliance, and ethical standards, making immediate termination necessary.

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).

CIG Motors stated that it is cooperating fully with the authorities as the matter progresses through the appropriate regulatory and legal channels.

CIG Motors emphasised that the action reflects a zero-tolerance stance on financial misconduct and abuse of authority, particularly at senior management level.

The company noted that safeguarding institutional integrity and maintaining robust internal controls remain central to its operations.

The statement also clarified that CIG Motors will not engage in further public commentary on the matter, stressing that it is now before the relevant authorities.

The company added that operational continuity across the business remains unaffected.

“The development aligns with a broader trend seen 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”, the company’s statement contained.

CIG Motors reiterated its commitment to the highest standards of corporate governance, accountability, and transparency, assuring stakeholders that appropriate measures are in place to protect the company’s long-term stability and reputation.

However, when contacted for comments over the allegations Mr. Jubril Arogundade referred us to his rejoinder published on his Instagram page: @JubrilofLagos.

In the rejoinder, he denied any wrong doing. He went ahead to accuse the company of lacking corporate governance which even led to tax compliances breaches. See more here.

The expansion underlines LagRide’s commitment to providing every resident and visitor in Lagos with a safe, reliable and affordable ride within minutes.

Chief Diana Chen, Chair of CIG Group, a diversified group with portfolio companies across transportation, energy, technology and consumer goods, explained the significance of this expansion: 

“Lagos becomes the heartbeat of Africa during the Ember months. Churches fill, families reunite and our diaspora comes home. LagRide exists so that movement around the city is dignified, safe and joyful. By joining forces with Nigerian banks, we are handing the steering wheel of that experience to empowered local entrepreneurs.”

*FILE PHOTO: Chief Diana Chen and a high flying graduate of the Lagride Academy

The Leasing Programme

At the heart of this announcement is a robust vehicle leasing programme designed to empower drivers and partners through affordable, transparent, and bank-supported financing. The scheme allows drivers to access brand-new CIG vehicles with quick bank approvals and competitive rates, giving them the opportunity to work with dignity and financial security.

The programme provides a clear pathway to ownership, enabling drivers to take full possession of their vehicles in the shortest possible time.

Repayments are structured flexibly, with weekly remittances aligned to actual kilometres driven, ensuring that repayments mirror usage and remain sustainable.

Most importantly, the leasing programme comes with full cover: maintenance, insurance, and operational support are integrated, ensuring that every driver can focus on service delivery without fear of unforeseen costs or disruptions.

Jubril Arogundade, acting managing director of LagRide Nigeria Limited, described the initiative as a continuation of LagRide’s founding promise: 

“From day one we have offered local solutions that meet world-class standards. The new leasing programme continues that promise by giving drivers a simple, transparent route to owning the cars they drive while improving service quality for riders.”

Safety and Rider Experience

Safety has always been the defining value of the LagRide brand. Every leased vehicle comes equipped with advanced safety features, including driver-facing cameras, panic buttons, and live diagnostic feeds connected directly to the LagRide command centres.

These measures ensure that riders enjoy maximum protection, while drivers are supported with real-time monitoring and assistance.

Beyond safety, the rider experience is anchored in comfort, reliability and trust. Vehicles are maintained to international standards, ensuring clean interiors, smooth rides, and professional presentation.

The Ember season, with its heightened demand from airport arrivals, concerts, weddings, and crossover services, will now be supported by thousands of new cars and trained drivers, giving Lagosians and visitors peace of mind during the busiest time of the year.

The LagRide Academy

Central to this expansion is the LagRide Academy, created to recruit, train and empower drivers who embody Lagos excellence. Every new driver undergoes intensive training that blends technical know-how with professional and personal development.

The Academy curriculum covers premium customer service, road safety protocols, first aid, and mastery of the LagRide app, as well as ongoing modules in financial literacy, electric vehicle maintenance, and updated traffic regulations. The Academy does more than prepare drivers for trips — it prepares them for careers, positioning them as ambassadors of the Lagos brand.

Graduates leave with a professional certificate, access to brand new vehicles and smartphones, and even health and life insurance support.

Monthly earnings range between ₦250,000 and ₦400,000 depending on performance, and top-performing drivers can qualify for accelerated vehicle ownership pathways in as little as six months.

Drivers who complete the programme earn a LagRide Pro badge in the rider app, signalling to customers that they are booking with one of the best-trained professionals on Lagos roads.

Joining the Programme

The process of joining LagRide is designed to be straightforward, transparent, and inclusive. Interested drivers and partners can begin by visiting the LagRide Driver Centre at Alausa, Ikeja, or by downloading the LagRide Partner app. Applicants are required to present a valid driver’s licence, a LASDRI card, and proof of address.

Those new to professional driving will complete either a two-day induction or the full five-day LagRide Academy programme before being assigned a vehicle. Partners who may not wish to drive themselves can also participate by leasing vehicles and engaging trained drivers from the Academy, creating investment opportunities for non-drivers while expanding the fleet available to Lagos residents.

The first wave of bank-financed cars will hit Lagos roads before the end of September, ensuring that visitors arriving for concerts, weddings, family events, and crossover services enjoy seamless mobility options well in advance of the December rush. With every new driver and partner onboarded, LagRide moves closer to its vision of building a city where safe, reliable and affordable transport is always a few minutes away.

Chief Diana Chen concluded with a message of empowerment: “This programme is not only about vehicles and finance. It is about dignity of work, pride of service, and the freedom for every Lagosian to move with confidence. We invite qualified drivers and partners to join us and be part of a mobility revolution written by Lagos, for Lagos.”

The partnership, formally signed at the GAC G-Style showroom, aims to simplify the rigorous process of owning a brand-new vehicle, with a flexi-repayment structure, and a 10 per cent discount rate on all vehicles purchased within 12 months.

As part of this collaboration, CIG Motors is also giving a five (5) year warranty on all its GAC vehicle models.

The partnership will also provide incentives to customers purchasing through the Stanbic IBTC Vehicle and Asset Finance (VAF) product.

This initiative comes at a time when many individuals and families are seeking affordable ways to own cars.

Jubril Arogundade, executive director, CIG Motors, expressed delight at the partnership stating that,

“Through this partnership, Nigerians are guaranteed to experience a premium and hassle-free process in owning brand new vehicles that suit their taste”.

CIG Motors’ expertise in the automobile sector, enhanced by Stanbic IBTC Bank’s Vehicle and Asset Finance (VAF) scheme, will allow equal opportunity for customers to own cars without stress or worry”, He added.

CIG Motors is a renowned automobile company known for cutting-edge designs and reliable automobile brand.

The scheme is open to individuals Nigerians (including the self-employed), and businesses seeking to expand their fleets.

During the event, Olu Delano, Executive Director, Personal & Private Banking, Stanbic IBTC Bank, emphasised that, “The collaboration enhances the purchasing power of our customers, enabling them to access a broad range of brand-new vehicles under CIG Motors. It also highlights our commitment to fostering economic growth in the communities we serve.

“Stanbic IBTC Bank and CIG Motors’ collaboration illustrates a broader trend of growth between financial institutions and automobile manufacturers,” he added.

As the automotive market expands, collaborations like Stanbic IBTC Bank and CIG Motors are crucial for promoting customer satisfaction and fostering loyalty.

The combination of quality vehicles and favourable financial solutions is set to transform the car-buying experience, making it efficient and enjoyable.