Jubril Arogundade, former Executive Director of CIG Motors, has responded to the company’s announcement of his termination.
The company announced in a statement posted on its Instagram page on Saturday, which was obtained by PREMIUM TIMES.
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Afrobeats star David “Davido” Adeleke was the ambassador for the automobile company. He signed the partnership deal in July 2024, and around that time, Mr Arogundade became a household name.
The automobile firm stated that Mr Arogundade’s termination was linked to “financial misappropriation and abuse of authority.”
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It added that the matter had been referred to the EFCC for further investigation.
According to the company, the decision followed a period of suspension and a comprehensive “internal review” of Mr Arogundade’s conduct while in office.
Response
However, in a statement sent to this newspaper on Monday, Mr Arogundade, a socialite, denied ever being fired, describing the reports as “inaccurate.”
He explained that his departure from CIG Motors was a “voluntary resignation”, which took effect on 2 December 2025, in full compliance with his contractual obligations and the company’s internal procedures.
Mr Arogundade further stated that his resignation letter had been submitted and formally acknowledged by the company’s management, accompanied by an agreed notice period and exit timeline.
He noted: “I resigned from my position at CIG Motors after careful reflection and in line with due process.
“It is therefore deeply concerning that my voluntary exit has been publicly mischaracterised. I believe strongly in transparency and professionalism, and I am compelled to correct the record.”
Resignation
He further explained that his decision to resign from the company was prompted by persistent and internal issues concerning corporate governance, financial discipline, and regulatory compliance.
Mr Arogundade added that before his resignation, he formally raised these concerns through the appropriate internal channels, in line with his duties as a senior executive and his commitment to ethical business conduct.
Among the issues that influenced his decision were persistent corporate governance gaps, including the absence of adequate internal controls and oversight mechanisms. A growing and unsustainable debt profile, driven by repeated borrowing without corresponding long-term financial structuring. Ongoing regulatory and compliance challenges, including unresolved tax and statutory obligations.
“As a Nigerian professional, I take governance, compliance, and institutional responsibility very seriously. When internal efforts to address these matters did not yield the necessary corrective action, I chose to resign rather than compromise on standards that I believe are fundamental to sustainable business”, said Mr Arogundade.
He stated that his decision to resign was driven by principle and professional responsibility, particularly where remaining in the role might conflict with his personal values and standards of corporate accountability.
Allegations
In response to the allegations made by the company, Mr Arogundade denied any financial impropriety, abuse of authority, or misconduct.
He emphasised that he remains willing to undergo any lawful, independent, and objective review of his conduct during his tenure.
Mr Arogundade also clarified that he has never been contacted by the EFCC or any other law enforcement or regulatory agency regarding the alleged financial mismanagement.
He reaffirmed his commitment and readiness to cooperate fully should any legitimate inquiry be initiated.
“I have conducted myself with integrity throughout my career. I am confident that any objective review will affirm this”, said Mr Arogundade.
He stated that he has pursued all necessary legal and professional avenues to safeguard his reputation and respond to the spread of false or misleading information.
He called on media organisations and others circulating what he described as “false or misleading information” to observe the principles of fairness, balance, and responsible reporting.
“Reputations are built over years and should not be undermined by inaccuracies or trial-by-media. I trust that the truth, properly examined, will speak for itself,” he said.
Mr Arogundade stated that he will not make any further public comments at this stage.
He added that he is allowing due process to run its course and remains focused on the next phase of his professional career.
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