The management of CIG Motors has petitioned the Economic and Financial Crimes Commission (EFCC) to investigate alleged financial impropriety within the company, leading to the alleged termination of its Executive Director, Mr. Jubril Arogundade.
The company said the decision followed internal investigations which uncovered issues relating to alleged financial misappropriation and abuse of authority. Chairman of CIG Motors, Chief Diana Chen, who confirmed the development to City Business News on Sunday, disclosed that investigations are ongoing.
Responding to City Business News inquiries on the amount involved, Chen said, “It is a big amount. The EFCC is taking over the case now.”
But, in his response, Mr. Jubril Arogundade described his alleged dismissed as false and misleading.
In a statement obtained by City Business News, Arogundade said 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.
According to CIG Motors, the alleged termination followed a period of suspension and a comprehensive internal review.
The company noted that the findings revealed conduct that fell significantly below its governance, compliance and ethical standards.
The company further disclosed that issues of financial impropriety arising from the investigation have been formally referred to the EFCC, adding that it is cooperating fully with the authorities as the matter proceeds through the appropriate regulatory and legal channels.
CIG Motors emphasised that the action underscores its zero-tolerance stance on financial misconduct and abuse of authority, particularly at senior management level, stressing that safeguarding institutional integrity and maintaining strong internal controls remain central to its operations.
City Business News reports that the statement also clarified that the company will not make further public comments on the matter, noting that it is now before the relevant authorities.
