The former acting Managing Director of Lagride and Executive Director at CIG Motors, Jubril Arogundade, has rejected claims by the company that his appointment was terminated over alleged financial misappropriation.
He insisted that he resigned from the company weeks before the public statement was issued.
In a rebuttal posted on his Instagram handle, Arogundade described the company’s announcement as “malicious and misleading,” saying it was designed to damage his reputation rather than present an accurate account of events.
According to him, the publication followed his voluntary exit from the company after unresolved disagreements over governance, debt management, and compliance issues.
What he is saying
Arogundade stated that he formally resigned on December 2, 2025, from his roles as Executive Director of CIG Motors Company Limited and Acting Managing Director of Lagride Nigeria Limited.
He said the resignation was communicated in writing to the leadership of the company, complied with the required notice period, and clearly stated his final working day, adding that it was neither disputed nor rejected at the time.
“Any attempt to portray subsequent events as an ‘immediate termination’ is therefore deliberately misleading and designed to distort the facts,” he said.
Reasons behind his resignation
According to Arogundade, his decision to step down followed prolonged disagreements arising from concerns about CIG Motors’ growing debt profile, weak corporate governance, and persistent regulatory and tax compliance failures.
- He cited continuous borrowing without adequate debt management structures, failure to address internal governance red flags, and unresolved tax and regulatory issues as key points of contention.
- Arogundade also alleged that longstanding tax compliance issues under the company’s leadership had resulted in enforcement actions by tax authorities, including the issuance of a warrant of distraint for amounts he said reportedly run into several billions of naira.
Reacting to CIG Motors’ disclosure that issues arising from its internal investigation had been referred to the Economic and Financial Crimes Commission (EFCC), Arogundade said he had not received any invitation from the commission.
He, however, stated that he is willing to cooperate fully with any lawful investigation, stressing that he has “nothing to hide.”
He added that he would welcome any engagement that supports transparency and assists the Federal Government in recovering outstanding statutory obligations, including VAT and other tax liabilities, where applicable.
Trial by media allegations
Arogundade criticised what he described as “trial by media,” accusing the company of engaging in sensational headlines and public grandstanding long after his resignation.
He said the timing and framing of the publications suggested an attempt to rewrite events and deflect attention from underlying governance and compliance concerns.
He categorically denied any wrongdoing and said he reserves the right to take legal action to protect his integrity and professional reputation.
Backstory
CIG Motors recently announced the termination of Arogundade’s appointment, citing alleged financial misappropriation and abuse of authority, and disclosed that the matter had been referred to the EFCC.
- According to a statement by the company, the decision followed internal investigations that uncovered issues relating to alleged financial misappropriation and abuse of authority.
- CIG Motors said the findings revealed conduct that fell significantly below its governance, compliance, and ethical standards, necessitating decisive action at the senior management level.
