CIG Motors scandal deepens as the automaker sacks Jubril Arogundade and refers alleged misconduct to Nigeria’s anti-graft agency.

CIG Motors Co. Ltd terminated the appointment of its Executive Director, Jubril Arogundade, and referred allegations of financial misappropriation and abuse of authority to the Economic and Financial Crimes Commission, the company confirmed in a statement.

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CIG Motors Co. Ltd said the decision followed a period of suspension and a comprehensive internal investigation into Jubril Arogundade’s conduct while in office.

The company said the findings revealed behaviour that fell significantly below its governance, compliance, and ethical standards.

Management approved the immediate termination of the appointment in view of the seriousness of the issues uncovered, according to the statement made.

The company disclosed that aspects of the internal review relating to alleged financial misconduct had been formally escalated to law enforcement authorities.

CIG Motors Co. Ltd said the organisation is cooperating fully with the authorities as the matter proceeds through the appropriate legal and regulatory channels.

The automaker stressed that the action reflected its zero-tolerance stance on financial misconduct and abuse of authority, particularly at senior management level.

Safeguarding institutional integrity and protecting stakeholder interests remain central to the company’s operations, the statement said.

Sources familiar with the internal process said the probe examined several transactions and management decisions that allegedly breached established internal controls.

While the company declined to disclose specific details, CIG Motors Co. Ltd said the review was thorough and guided by its internal governance framework.

The firm also sought to reassure customers, business partners, and investors that the development would not disrupt operations.

Operational continuity across the business remains unaffected, the company said, adding that day-to-day activities are proceeding normally.

CIG Motors Co. Ltd said it would not engage in further public commentary on the matter as it is now before the relevant authorities.

When contacted, Jubril Arogundade rejected reports that he had been sacked, insisting that he voluntarily resigned on December 2, 2025.

Jubril Arogundade described reports of his dismissal as misleading and said his departure followed prolonged and fundamental disagreements over the company’s financial and governance direction.

Jubril Arogundade said his resignation stemmed from concerns about the company’s growing debt profile, weak corporate governance practices, and persistent compliance failures.

The former executive said repeated internal warnings had failed to produce meaningful resolution.

Jubril Arogundade further alleged that longstanding tax compliance issues under the chairmanship of Ms Diana Chen had resulted in enforcement actions by tax authorities, including a reported warrant of distraint involving sums running into several billions of naira.

Jubril Arogundade said those issues generated deep internal concern and influenced his decision to step aside.

The former executive said he is not afraid of any investigation and is willing to cooperate fully with any lawful inquiry.

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The unfolding CIG Motors scandal places renewed scrutiny on corporate governance standards in Nigeria’s automotive sector and the accountability of senior executives.