After its Executive Director, Jubril Arogundade, was fired due to accusations of financial embezzlement and abuse of power, CIG Motors Co. Ltd. was rocked by a financial crisis.
The business affirmed that the Economic and Financial Crimes Commission has been formally tasked with looking into the case further.
Citing the results of an internal investigation, CIG Motors announced the immediate termination of Arogundade’s position in a statement provided to our correspondent yesterday, according to The PUNCH.
The decision, according to the firm, came after a “comprehensive internal review” into his actions while in office and a term of suspension. “The investigation’s findings revealed conduct that fell significantly below the company’s governance, compliance, and ethical standards,” the automaker stated.
“Management approved the immediate termination of his appointment due to the seriousness of the issues uncovered.”
CIG Motors also revealed that law enforcement authorities have been notified on certain aspects of the inquiry concerning suspected financial impropriety. “The Economic and Financial Crimes Commission has been formally referred to matters related to financial misconduct that emerged from the investigation.”
“Cooperating fully with the authorities as the matter progresses through the appropriate legal and regulatory channels,” the company added.
The business emphasized that its strong stance on moral behavior is reflected in the measures taken against the former executive. CIG Motors has a zero-tolerance policy against financial wrongdoing and misuse of power, especially when it comes to senior management. Our efforts continue to be centered on preserving institutional integrity and safeguarding stakeholder interests.
According to business sources, the internal investigation looked into a number of management choices and transactions that were allegedly in violation of internal controls. The business stated that the procedure was comprehensive and directed by its internal governance system, but it declined to share specifics.
Additionally, CIG Motors aimed to convince investors, partners, and consumers that the development would not interfere with company operations. The corporation stated that “operational continuity across the business remains unaffected,” highlighting that daily operations are continuing as usual in spite of the Managing Director’s termination.
The statement went on, “We will not engage in further public commentary on this matter as it is currently before the relevant authorities.”
When asked to respond, Arogundade denied rumors that he had been fired, stating that he had resigned on his own volition on December 2, 2025. He characterized the reports as inaccurate and a misrepresentation of the circumstances underlying his departure.
Arogundade gave an explanation for his departure, stating that it was the result of long-standing and fundamental differences regarding the company’s governance and financial orientation.
“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 continued.
He claimed that after his concerns were brought up time and time again without any real progress, he decided to resign. He further revealed that long-standing tax compliance problems under Ms. Diana Chen’s chairmanship had led to enforcement measures by tax authorities, including a claimed warrant of distraint involving amounts exceeding several billions of naira.
He claimed that these problems were some of the ones that caused intense internal worry. Additionally, Arogundade insisted that he is not scared of any probe, emphasizing that even if the EFCC has not invited him, he is completely prepared to assist with any legitimate inquiry.
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