Arogundade denies dismissal claims, says he resigned from CIG Motors over governance, debt concerns

Former Executive Director of CIG Motors Company Limited, Mr. Jubril Arogundade, has dismissed reports circulating on blogs and social media claiming that he was dismissed from the company, describing the publications as malicious, misleading and deliberately damaging to his reputation.

In a statement personally signed by him, Arogundade said his attention was drawn to what he described as a purported “public statement” by CIG Motors while he was on a trip in Abuja. He argued that the reports were designed to harass, intimidate and discredit him, rather than present an accurate account of events.

According to Arogundade, he had already resigned from the company long before the publications were released.

He disclosed that on December 2, 2025, he formally tendered his resignation as Executive Director of CIG Motors Company Limited and Acting Managing Director of Lagride Nigeria Limited, in line with contractual notice requirements and with a clearly stated final working day.

He said the resignation was duly communicated to the leadership of the company and was neither disputed nor rejected at the time.

“Any attempt to portray subsequent events as an ‘immediate termination’ is deliberately misleading and designed to distort the facts,” he stated.

Arogundade explained that his decision to step down followed prolonged and fundamental disagreements with the company’s leadership over what he described as a growing debt profile, weak corporate governance practices, and persistent regulatory and compliance failures, despite existing internal safeguards.

He cited continuous borrowing without adequate debt management structures, unresolved corporate governance red flags, and outstanding regulatory and tax compliance issues as key areas of concern.

According to him, these issues were repeatedly raised internally but were not meaningfully addressed, making it impossible for him to continue in good conscience.

The former executive also 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 over liabilities reportedly running into several billions of naira.

He said these matters were among the issues that triggered serious internal disagreements and would be addressed through appropriate legal channels.

Rejecting any insinuation of wrongdoing, Arogundade said he was not afraid of scrutiny by any lawful authority, including the Economic and Financial Crimes Commission (EFCC).

While stating that he had not received any invitation from the commission, he said he was fully prepared to cooperate with any investigation that would promote transparency and aid the recovery of statutory obligations, including tax liabilities, for the benefit of Nigerians.

“I have nothing to hide,” he said.

Arogundade criticised what he described as a resort to “trial by media,” sensational headlines and public grandstanding long after his resignation, arguing that the timing and framing of the reports suggested an attempt to rewrite the narrative and deflect attention from substantive issues.

He categorically rejected any allegation of misconduct on his part and said he would take steps to protect his integrity and professional reputation against further false publications.

He urged the media and the public to approach the reports with caution and to prioritise verified facts over sensationalism, expressing confidence that a full and objective examination of the issues would ultimately establish the truth.