CIG Motors Company says it has sacked of one of its executive directors, Jubril Arogundade, over alleged fraud.
In a statement made available to Naijaonpoint on Saturday, the automobile company said the decision followed internal investigations that uncovered issues relating to alleged financial misappropriation and abuse of authority.
CIG Motors disclosed that the termination came after a period of suspension and a comprehensive internal review.
According to the company, findings from the investigation revealed conduct that fell significantly below its governance, compliance and ethical standards, necessitating immediate termination.
The company further disclosed that matters relating to alleged 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 relevant authorities as the matter progresses through appropriate regulatory and legal channels.
“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 statement said.
Jubril Arogundade Responds
Jubril Arogundade has, however, denied the allegations.
In a statement published on his Instagram page, @JubrilofLagos, Arogundade accused the company of lacking corporate governance.
According to the statement: “On 2nd December 2025, I formally tendered my resignation from my position as Executive Director of CIG Motors Company Limited and Acting Managing Director of Lagride Nigeria Limited, in writing and in line with the required notice period, clearly stating my final working day. This resignation was duly communicated to the leadership of the company and was neither disputed nor rejected at the material time.
“Any attempt to portray subsequent events as an “immediate termination” is therefore deliberately misleading and designed to distort the facts.
“My resignation followed prolonged and fundamental disagreements arising from serious concerns about the company’s growing debt profile, weak corporate governance practices, and persistent compliance failures, despite internal safeguards and repeated warnings.
“In particular, I had deep reservations about: continuous borrowing without proper debt management structures, failures of corporate governance despite internal red flags, and unresolved regulatory and tax compliance issues.
“Having raised these concerns internally without meaningful resolution, I chose to step aside rather than remain associated with practices I could no longer responsibly defend.
“It is also pertinent to state that longstanding tax compliance issues under the chairmanship of Ms. Diana Chen have resulted in enforcement action by tax authorities, including the issuance of a warrant of distraint for sums reportedly running into several billions of naira.
“These matters were among the issues that generated serious internal concern and disagreement. They will be addressed in due course and through the appropriate lawful channels.
“I wish to state clearly and unequivocally that I am not afraid of any investigation, including by the Economic and Financial Crimes Commission (EFCC).
“While I state emphatically that I have not received any invitation from the Commission, I state that I am fully willing and prepared to cooperate with any lawful investigation, if invited, particularly where such engagement may assist the Federal Government of Nigeria in ensuring transparency and in recovering any outstanding statutory obligations, including VAT and other tax liabilities, for the benefit of Nigerians.
“I have nothing to hide,” he said.