CIG Motors Company Limited has dismissed one of its executive directors, Jubril Arogundade, following an internal investigation into alleged financial misconduct, a move the affected executive has publicly contested, insisting he resigned voluntarily and committed no wrongdoing.
In a statement issued by the company, CIG Motors said the decision followed a detailed internal probe that uncovered alleged financial misappropriation and abuse of authority, actions it described as inconsistent with its corporate governance and ethical standards. The company added that aspects of the findings had been formally referred to the Economic and Financial Crimes Commission (EFCC) for further investigation.
According to CIG Motors, Arogundade had earlier been suspended to allow for an internal review of his activities while in office. The company said the outcome of the investigation necessitated his immediate disengagement and escalation of the matter to law enforcement authorities.
“CIG Motors maintains a zero-tolerance policy towards financial misconduct at all levels of management and remains committed to transparency, accountability, and the protection of stakeholder interests,” the statement said.
However, Arogundade has rejected the company’s narrative, describing the announcement of his dismissal as misleading. He said he voluntarily resigned from his position on December 2, 2025, after raising concerns about governance practices, internal controls, and what he characterised as the company’s rising debt exposure.
“I was neither dismissed nor found guilty of any financial impropriety,” Arogundade said in his response, adding that he welcomed any independent investigation that would allow him to clear his name.
He maintained that he acted in the best interest of the company during his tenure and denied allegations of misappropriation or abuse of office.
CIG Motors, which operates in Nigeria’s competitive automotive distribution market, said the development would not disrupt its operations or strategic direction. The company reassured customers, partners, and investors of business continuity, stressing that its governance framework remains intact.
The case underscores the growing scrutiny of executive conduct in Nigeria’s corporate sector, as companies face increasing pressure from regulators, investors, and the public to enforce accountability at senior management levels.
