CIG Motors Co. Ltd has terminated the appointment of its Executive Director, Jubril Arogundade, following allegations of financial misappropriation and abuse of authority, with the automotive firm referring the matter to the Economic and Financial Crimes Commission for investigation.
In a statement released Sunday and obtained by The PUNCH, CIG Motors announced the immediate dismissal of Arogundade after what it described as a “comprehensive internal review” of his conduct during his tenure.
CIG Motors stated that its investigation uncovered conduct that “fell significantly below the company’s governance, compliance, and ethical standards,” prompting management to approve the termination with immediate effect.
The automotive company confirmed that certain aspects of the probe involving alleged financial impropriety have been escalated to law enforcement. CIG Motors disclosed that “matters connected to financial misconduct arising from the investigation have been formally referred to the Economic and Financial Crimes Commission.”
CIG Motors added that it is “cooperating fully with the authorities as the matter progresses through the appropriate legal and regulatory channels.”
Emphasizing its commitment to corporate governance, CIG Motors declared that the action reflects its firm stance on ethical conduct. “CIG Motors maintains a zero-tolerance stance on financial misconduct and abuse of authority, particularly at the senior management level. Safeguarding institutional integrity and protecting stakeholder interests remain central to our operations.”
Company sources indicated that CIG Motors’ internal investigation examined multiple transactions and management decisions that allegedly violated established internal controls. While CIG Motors declined to provide specifics, it confirmed the review process was thorough and conducted within its governance framework.
CIG Motors moved to reassure stakeholders that business operations would continue uninterrupted. “Operational continuity across the business remains unaffected,” CIG Motors stated, noting that daily operations proceed normally despite the executive’s dismissal.
CIG Motors concluded its statement by declining further public comment: “We will not engage in further public commentary on this matter as it is now before the relevant authorities.”
However, Arogundade disputed the dismissal narrative, insisting he voluntarily resigned on December 2, 2025. He characterized media reports as misleading and inaccurate regarding his departure from CIG Motors.
Arogundade explained that his resignation stemmed from prolonged disagreements over CIG Motors’ financial and governance direction. “My resignation followed serious concerns about the company’s growing debt profile, weak corporate governance practices, and persistent compliance failures, despite internal safeguards and repeated warnings,” he stated.
The former executive claimed his concerns were repeatedly raised within CIG Motors without meaningful resolution. He further alleged that longstanding tax compliance issues under the chairmanship of Ms Diana Chen had resulted in enforcement actions by tax authorities, including a reported warrant of distraint involving billions of naira.
Arogundade maintained he welcomes any investigation, stating that while the EFCC has not contacted him, he is fully prepared to cooperate with lawful inquiries into CIG Motors’ operations.
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