CIG Motors, Executive Director clash over exit from company

CIG Motors Co. Ltd says it has terminated the appointment of its Executive Director, Jubril Arogundade popularly known as Jubril of Lagos.

The automotive company stated on Sunday that the decision followed internal investigations which allegedly “uncovered issues relating to financial misappropriation and abuse of authority,” adding the matter has been referred to the Economic and Financial Crimes Commission (EFCC).

However Jubril in a chat with our correspondent dismissed the corruption allegations, saying the statement by the CIG Motors is false as he actually resigned since December 2 with his last working day being January 2.

The CIG Motors’ statement said the findings of the investigation revealed conduct “that fell significantly below the company’s governance, compliance, and ethical standards, making immediate termination necessary.”

The company further disclosed that matters connected to financial impropriety arising from the investigation have been formally referred to the Economic and Financial Crimes Commission (EFCC).

CIG Motors stated that it is cooperating fully with the authorities as the matter progresses through the appropriate regulatory and legal channels.

CIG Motors emphasised that the action reflects a zero-tolerance stance on financial misconduct and abuse of authority, particularly at senior management level.

The company noted that safeguarding institutional integrity and maintaining robust internal controls remain central to its operations.

The statement added that CIG Motors will not engage in further public commentary on the matter, stressing that it is now before the relevant authorities. The company added that operational continuity across the business remains unaffected.

But Jubril in a chat with our correspondent insisted that he resigned from the company over issues of financial misappropriation which he has endured for too long.

He also forwarded a screenshot of the mail he sent to the Chairman of the Company, Diana Chen to inform her of his resignation while giving a one-month notice which elapsed on Friday January 2, 2026.

He said, “I resigned from the company on the second of December. She wants to blackmail and destroy my name but she’s not going to be successful.

“Whatever they have given you is a false information and a good media house will not publish it without getting my own side. My lawyers are drafting an official statement.”

He clarified that the allegations of financial misappropriation is unfounded because customers don’t pay money to his account and he is not also the accountant of the company.

Arogundade said he would be ready to appear before the EFCC anytime he is invited to prove his innocence.

“On the misappropriation of funds they are talking about, I’m the one questioning the Chairman of the company for all the funds of the company, to ask where the money is,” he added.

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