CIG Motors Sacks Executive Director, Refers Alleged Financial Misconduct to EFCC
- CIG Motors said it has terminated the appointment of Executive Director Jubril Arogundade, alleging financial misconduct and other infractions
- The company said it had referred the matter to the EFCC for investigations, as it assured its customers and investors that everything was under control
- Arogundade responded to the allegations by the company and levelled counter-allegations as he denied being fired
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
CIG Motors Co. Limited has terminated the appointment of its executive director, Jubril Arogundade, following allegations of financial misappropriation and abuse of authority.
Source: UGC
The automobile company confirmed that the matter has been referred to the Economic and Financial Crimes Commission (EFCC) for further investigation.
In a statement made available to The PUNCH, CIG Motors said Arogundade was first suspended and subsequently sack after a comprehensive internal investigation into his conduct while in office.
According to the company, the findings of the internal review showed actions that fell short of its governance, compliance and ethical standards.
CIG Motors reports financial misconduct to EFCC
CIG Motors disclosed that aspects of the investigation involving alleged financial misconduct have been escalated to law enforcement authorities.
The company stated that it has referred the case to the EFCC, and it is willing to cooperate fully with the anti-graft agency. It stressed that it has a zero-tolerance policy toward financial misconduct and abuse of authority, especially at senior management levels.
It added that safeguarding institutional integrity and protecting stakeholder interests remain its core priorities.
Sources within the company said the internal probe examined several transactions and management decisions that allegedly breached established internal controls.
While CIG Motors declined to provide further details, it said the investigation was conducted in line with its governance framework.
CIG Motors assures customers, investors
CIG Motors also sought to reassure customers, business partners and investors that the development would not affect its operations.
The company noted that it would not make further public comments on the matter as it is now before the relevant authorities.
Source: UGC
Arogundade insists he resigned
However, Arogundade has disputed claims that he was sacked, insisting that he voluntarily resigned from his position on December 2, 2025.
Reacting to the matter, he described reports of his dismissal as misleading, arguing that his exit followed prolonged disagreements between him and the company’s leadership over financial and governance policies.
He stated that he resigned due to concerns about CIG Motors’ rising debt profile, weak corporate governance practices and ongoing compliance issues, which he said persisted despite internal warnings.
He also alleged that longstanding tax compliance challenges 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.
Arogundade said these issues created deep internal concern and influenced his decision to step aside.
He added that he has not been invited by the EFCC but is willing to cooperate fully with any lawful investigation.
EFCC charged to investigate BPP DG
Legit.ng earlier reported that the Conference of Civil Society for Transparency and Accountability (COCTA) called on the EFCC to investigate allegations of misconduct against the Director-General of the Bureau of Public Procurement, Dr Adebowale Adedokun, and his Chief of Staff, Mr Olanrewaju Obasa.
The petition cited claims of proxy bank accounts, demand for foreign exchange, receipt of vehicles, and misuse of over 100 accounts reportedly linked to the chief of staff.
The BPP denied all allegations, reaffirmed compliance with the Public Procurement Act, and highlighted recent reforms to strengthen transparency and accountability.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
