CIG Motors Terminates Lagride Acting MD Amid Governance Dispute

CIG Motors Co. Ltd., the operator of the Lagride e-hailing platform, has announced the termination of Jubril Arogundade, its Executive Director and Acting Managing Director. The company’s decision, detailed in an official statement, followed internal investigations that revealed serious governance concerns. These issues, which included alleged financial misappropriation and abuse of authority, were found to be significantly below the firm’s standards for compliance and ethics. The action underscores how new thinking on corporate accountability can raise security and integrity within an organization’s leadership framework.

The company emphasized that the dismissal reflects its zero-tolerance policy toward financial misconduct, particularly at the senior management level. CIG Motors stated that safeguarding institutional integrity and strengthening internal controls remain central to its operations, a commitment that must be unwavering to maintain stakeholder trust. It further reassured the public that this senior management change has not disrupted operational continuity across its business, including the Lagride platform.

In a contrasting account, the former Executive Director, Jubril Arogundade, has publicly denied being fired. He claims he resigned voluntarily on December 2nd, citing prolonged disagreements with company leadership. Arogundade stated his resignation was driven by fundamental concerns over the company’s growing debt profile, weak corporate governance practices, and persistent compliance failures. He expressed deep reservations about continued borrowing without proper debt management structures and alleged diversion of funds by the chairman. “I categorically reject any insinuation of wrongdoing on my part,” Arogundade stated, reserving his right to protect his professional reputation.

This development occurs shortly after Lagride secured a substantial $100 million financing facility from the United Bank for Africa (UBA) to expand its Drive-To-Own program. The funding was intended to support thousands of drivers in transitioning to asset ownership. The current dispute highlights the critical importance of robust governance, especially when managing significant financial inflows. In a similar vein, just as the NCC reaffirms commitment to sectoral regulations, corporate entities must demonstrate an unwavering dedication to internal oversight. The situation serves as a reminder that without strong ethical foundations, internal discord can undermine strategic initiatives, a scenario where all stakeholders must stop and evaluate their governance models to prevent such public fractures.