By ebosele@hotmail.com
Former Executive Director of CIG Motors, Mr. Jubril Arogundade, has dismissed as false and misleading publications circulating on blogs and social media which he said were presented as a “public statement” by the company concerning his exit.
In a statement obtained by City Business News on Sunday, Arogundade said he became aware of the reports while on a trip to Abuja, describing them as malicious, deceptive and aimed at harassing, intimidating and damaging his reputation rather than presenting a factual account of events.
He clarified that contrary to claims of an “immediate termination,” he had voluntarily resigned from CIG Motors long before the publication of the reports.
According to him, he formally tendered his resignation on December 2, 2025, from his roles as Executive Director of CIG Motors Company Limited and Acting Managing Director of Lagride Nigeria Limited, in line with the required notice period and with a clearly stated final working day.
Arogundade said his resignation was duly communicated to the company’s leadership and was neither disputed nor rejected at the time, adding that any attempt to portray his exit as a termination was a deliberate distortion of facts.
He explained that his decision to resign followed prolonged disagreements with the company’s leadership over what he described as serious concerns bordering on a growing debt profile, weak corporate governance practices and persistent regulatory and compliance failures. He noted that despite internal safeguards and repeated warnings, the issues remained unresolved.
Among his concerns, he listed continuous borrowing without adequate debt management structures, failures in corporate governance despite internal red flags, and unresolved regulatory and tax compliance issues.
He further alleged that longstanding tax compliance challenges under the chairmanship of Ms. Diana Chen had resulted in enforcement actions by tax authorities, including the issuance of a warrant of distraint for sums reportedly running into several billions of naira. He said these matters were among the key issues that generated serious internal disagreements and would be addressed through appropriate legal channels.
Arogundade also stated that he was not afraid of any investigation, including by the Economic and Financial Crimes Commission (EFCC).
While noting that he had not received any invitation from the commission, he said he was fully prepared to cooperate with any lawful investigation, particularly if it would aid transparency and the recovery of outstanding statutory obligations for the benefit of Nigerians.
“I have nothing to hide,” he said.
He criticised what he described as “trial by media,” sensational headlines and public grandstanding long after his resignation, arguing that the timing and framing of the publications suggested an attempt to rewrite the narrative and deflect attention from underlying issues.
Arogundade categorically denied any insinuation of wrongdoing against him and said he reserved the right to take appropriate legal steps to protect his name, integrity and professional reputation.
He urged the media and the public to treat the publications with caution and to seek facts rather than sensationalism, disclosing that he had appointed the law firm of Chikaosolu Ojukwu (SAN) to take legal action, including issuing cease-and-desist notices to media organisations and individuals involved in disseminating what he described as falsehoods.
