CIG Motors Co. Ltd has announced the dismissal of its Executive Director, Jubril Arogundade, citing grave allegations of financial misconduct and abuse of office. The decision, which has sent ripples through the Nigerian automotive sector, follows an intensive internal investigation that reportedly uncovered significant breaches of the company’s ethical and governance standards.
The company, in an official statement released on Sunday, confirmed that Arogundade’s appointment was terminated immediately. Furthermore, CIG Motors has taken the serious step of referring the matter to the Economic and Financial Crimes Commission (EFCC) for a comprehensive criminal investigation. This move underscores the severity of the accusations and the company’s commitment to accountability.
According to the statement, the dismissal was the culmination of a rigorous internal review process. Arogundade had initially been placed on suspension to allow for an unbiased probe into his activities. The findings of this investigation were reportedly damning, revealing conduct that fell “significantly below the company’s governance, compliance, and ethical standards.”
“In view of the seriousness of the issues uncovered, management approved the immediate termination of his appointment,” the statement read. CIG Motors emphasized that safeguarding institutional integrity and protecting the interests of stakeholders remain its top priorities. The company maintains a “zero-tolerance stance” on financial misconduct, particularly among its senior leadership.
The specifics of the financial impropriety have not been publicly detailed by the company, but sources suggest the probe examined various transactions and management decisions that allegedly violated established internal controls. CIG Motors has stated it will cooperate fully with law enforcement agencies as the case proceeds through legal channels. They also assured customers, partners, and investors that the development would not impact day-to-day operations, which continue to run smoothly.
However, the narrative has been swiftly contested by Arogundade himself. In a rebuttal, the former Executive Director denied being sacked, insisting instead that he had voluntarily resigned weeks earlier, on December 2, 2025. He characterized the company’s announcement as misleading and a distortion of the true events surrounding his departure.
Arogundade claims his exit was driven by fundamental disagreements regarding the company’s direction. He cited “serious concerns about the company’s growing debt profile, weak corporate governance practices, and persistent compliance failures” as his primary reasons for leaving. He alleged that despite raising these issues repeatedly, no meaningful resolutions were offered.
Adding a layer of complexity to the dispute, Arogundade pointed to longstanding tax compliance issues under the chairmanship of Ms. Diana Chen. He alleged that these failures had led to enforcement actions by tax authorities, including a warrant involving billions of naira. He presented his resignation as a principled stand against these operational hazards.
Regarding the EFCC referral, Arogundade expressed no fear. He stated that while he has not yet been invited by the anti-graft agency, he is fully prepared to cooperate with any lawful inquiry to clear his name.
The conflicting accounts set the stage for a potential legal and public relations battle. On one side stands a major automotive firm asserting its commitment to ethical governance by purging a top executive; on the other, a former director claiming whistleblower status, arguing he left a sinking ship plagued by debt and regulatory failures. As the EFCC takes up the case, the truth behind the allegations and counter-allegations will likely come to light, with significant implications for the reputations of both parties involved.
