By Ghazali Ibrahim
Jibril Arogundade, a former Executive Director of CIG Motors Company Limited and Acting Managing Director of Lagride Nigeria Limited, has released a public statement, refuting the circumstances surrounding his exit from the company, dismissing claims of an “immediate termination” as misleading and inaccurate.
Earlier, reports shown that CIG management abruptly terminated Jibril appointment following allegations of financial misappropriation and subsequently transferred case to Nigeria’s foremost anti-graft agency.
In a statement circulated on social media and blogs, Arogundade said he had formally tendered his resignation on December 2, 2025, in line with the required notice period, clearly stating his final working day. According to him, the resignation was duly communicated to the company’s leadership and was neither disputed nor rejected at the time.
He described reports suggesting that he was summarily terminated as “deliberately misleading” and intended to distort the facts surrounding his departure.
Arogundade explained that his decision to resign followed prolonged and fundamental disagreements with the company’s leadership, stemming from concerns over what he described as a growing debt profile, weak corporate governance practices, and persistent regulatory and tax compliance failures.
He said his internal objections included reservations about continuous borrowing without proper debt management structures, unresolved red flags in corporate governance, and unresolved statutory obligations, despite repeated internal warnings and safeguards.
In the rejoinder, Arogundade further alleged that longstanding tax compliance issues under the chairmanship of Ms. Diana Chen had resulted in enforcement actions by tax authorities, including the issuance of a warrant of distraint for sums reportedly running into several billions of naira.
“These matters were among the issues that generated serious internal concern and disagreement,” he said, adding that they would be addressed through appropriate and lawful channels.
Addressing reports circulating online which he described as malicious and damaging, Arogundade said the publications were designed to harass, intimidate, and tarnish his reputation rather than present an honest account of events. He maintained that he had already resigned long before the disputed publications were released.
He also stated that he is not afraid of any investigation, including by the Economic and Financial Crimes Commission (EFCC), noting that while he has not received any invitation from the commission, he remains fully willing to cooperate with any lawful inquiry.
According to him, such cooperation would be in the interest of ensuring transparency, recovering outstanding statutory obligations including VAT and other tax liabilities and protecting the interests of Nigerians.
“I have nothing to hide,” Arogundade said, reiterating his commitment to accountability and lawful processes.
