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CIG Motors Co. Ltd has terminated the appointment of its Executive Director, Jubril Arogundade, following allegations of financial misappropriation and abuse of authority.
The automobile company confirmed that the matter has been formally referred to the Economic and Financial Crimes Commission (EFCC) for further investigation.
Internal Investigation and Termination
In a statement made available to The PUNCH on Sunday, CIG Motors said Arogundade’s dismissal followed a period of suspension and a comprehensive internal investigation into his conduct while in office.
According to the company, the findings of the probe revealed actions 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.
Case Referred to EFCC
CIG Motors disclosed that elements of the investigation involving alleged financial impropriety have been escalated to law enforcement authorities.
“Matters connected to financial misconduct arising from the investigation have been formally referred to the Economic and Financial Crimes Commission,” the company said.
It added that the company is fully cooperating with the EFCC as the matter proceeds through appropriate legal and regulatory channels.
Zero Tolerance for Misconduct
The company stressed that the action reflects its firm stance on ethical conduct, particularly at senior management level.
“CIG Motors maintains a zero-tolerance policy for financial misconduct and abuse of authority. Safeguarding institutional integrity and protecting stakeholder interests remain central to our operations,” the statement noted.
Sources familiar with the investigation said the internal review examined several transactions and management decisions that allegedly breached established internal controls. While CIG Motors declined to disclose specific details, it said the process was thorough and guided by its governance framework.
Business Operations Unaffected
CIG Motors sought to reassure customers, partners, and investors that the development would not affect its operations.
“Operational continuity across the business remains unaffected, and day-to-day activities are proceeding normally,” the company said.
It added that it would refrain from further public comment as the matter is now before the relevant authorities.
Arogundade Denies Dismissal, Claims Voluntary Resignation
Responding to the development, Arogundade rejected claims that he was sacked, insisting that he voluntarily resigned from his position on December 2, 2025.
He described reports of his dismissal as misleading and said his decision to step down was due to prolonged disagreements over the company’s 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 said.
Allegations of Governance and Tax Issues
Arogundade further claimed that unresolved tax compliance issues under the chairmanship of Ms Diana Chen had led to enforcement actions by tax authorities, including a reported warrant of distraint involving several billions of naira.
He said these issues generated deep internal concern and ultimately influenced his decision to resign.
Arogundade maintained that he is not afraid of any investigation, adding that although he has not been invited by the EFCC, he is fully willing to cooperate with any lawful inquiry.
