Jubril Arogundade, former executive director of CIG Motors Company Limited, has denied allegations of financial misconduct and abuse of office, levelled against him by the company.
Mr. Arogundade said he had resigned from the CIG Motors weeks before reports emerged suggesting his termination.
Recall, the Company earlier issued a statement which contained the allegations that the termination of Jubril Arogundade’s appointment as the Executive Director was following internal investigations that uncovered issues relating to financial misappropriation and abuse of authority.
But, In a response to Techeconomy’s inquiries he made reference to a press rejoinder released on his official Instagram page.
In his account, Mr. Arogundade said he formally resigned on December 2, 2025, from his roles as “Executive Director of CIG Motors and Acting Managing Director of Lagride Nigeria Limited, in accordance with his contractual notice period”.
He noted that his resignation was duly communicated to the company’s leadership and was neither disputed nor rejected at the time.
According to him, attempts to portray his exit as an “immediate termination” are misleading and amount to a distortion of facts.
Arogundade explained that his resignation followed prolonged disagreements with the company’s leadership over what he described as serious corporate governance lapses, mounting debt exposure, and unresolved regulatory and tax compliance issues.
He said these concerns were repeatedly raised internally but were not meaningfully addressed.
He further alleged that longstanding tax compliance issues under the chairmanship of Ms. Diana Chen had attracted enforcement actions by tax authorities, including a warrant of distraint involving sums reportedly running into several billions of naira.
Addressing speculation around investigations, Arogundade stated that he has not received any invitation from the Economic and Financial Crimes Commission (EFCC) but expressed readiness to cooperate with any lawful probe if invited.
“I have nothing to hide,” he said, adding that he remains committed to transparency, accountability, and lawful conduct.
He criticised what he described as a “trial by media” and sensational reporting, which he said was intended to rewrite the narrative and damage his reputation.
