CIG Motors Company Limited has terminated its Executive Director, Jubril Arogundade, over alleged financial misappropriation and abuse of authority, even as the embattled former executive denies sack, maintaining he resigned from the Company since December 2, 2025.
Arogundade countered the Company’s claims with serious accusations of weak corporate governance, mounting debt, and unresolved tax compliance issues within the company.
CIG Motors announced that Arogundade’s appointment was terminated following internal investigations which, it said, uncovered financial impropriety and abuse of office. It added that matters arising from the probe have been formally referred to the Economic and Financial Crimes Commission (EFCC), with the company pledging full cooperation with investigators.
However, in a sharp rebuttal, Arogundade denied the allegations and insisted that he had resigned from the company on 2 December 2025, well before the public announcement. He accused CIG Motors of deliberately misrepresenting the circumstances of his exit and engaging in what he described as “trial by media”.
According to him, his resignation followed prolonged disagreements with the Company’s leadership over what he characterised as poor corporate governance, excessive borrowing without adequate debt management structures, and persistent regulatory and tax compliance failures. He further alleged that longstanding tax issues under the chairmanship of Ms. Diana Chen had triggered enforcement actions by tax authorities, including a warrant of distraint involving sums reportedly running into several billions of naira.
CIG Motors, however, maintained that its action reflects a zero-tolerance approach to financial misconduct and abuse of authority at senior management level, emphasising that the integrity of its governance framework remains paramount. The company said it would not make further public comments on the matter, noting that it is now before the appropriate authorities and that business operations remain unaffected.
Arogundade, for his part, said he is willing to cooperate with any lawful investigation, including by the EFCC, while categorically rejecting any wrongdoing. He added that he has instructed his lawyers, Chikaosolu Ojukwu (SAN), to take legal steps against what he termed false and damaging publications.
As the dispute escalates, attention now shifts to regulators and investigators, with the unfolding case highlighting growing tensions around executive accountability, governance standards, and corporate transparency in Nigeria’s business environment.