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Founder and Chief Executive Officer of Nigerian auto manufacturer Nord Automobiles, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of unlawfully debiting ₦700 million from the company’s account without prior notice or a court order.
Ajayi made the allegation in a statement shared on social media platform X (formerly Twitter), describing the bank’s action as “unbelievably unethical” and part of a wider institutional bias against locally manufactured vehicles.
The statement, posted here, detailed how the alleged debit occurred in April 2025, amid an ongoing legal dispute over a Letter of Credit (LC) issued in 2022.
“We didn’t borrow money from them,” Ajayi stated. “They claimed that the LC we took in 2022—fully paid at the prevailing exchange rate of ₦430 to ₦480—was no longer valid, and that we now had to pay at over ₦1,600 for transactions that had long been closed.”
Ajayi said Stanbic IBTC argued it had not received the LC’s USD value from the Central Bank of Nigeria (CBN), and therefore held Nord liable for the difference. Despite both parties agreeing to resolve the issue in court, the bank allegedly withdrew ₦700 million from Nord’s account without warning.
“While the case is ongoing, the bank illegally debited ₦700 million from our account without notice. The ambush was unbelievably unethical,” he said.
Beyond the financial dispute, Ajayi accused the bank of discriminating against Made-in-Nigeria vehicles, alleging that Stanbic IBTC refused to finance customers seeking to purchase Nord vehicles.
He cited a recent incident involving a client in the oil and gas sector who, according to him, was discouraged from buying two Nord Max pickups and was instead advised to consider foreign brands.
“To my shock, my team told me that the bank said they do not finance Made-in-Nigeria vehicles,” Ajayi said. “They even suggested foreign brands—some of which are registered as Made-in-Nigeria with the Bureau of Public Procurement.”
Ajayi described the practice as “economic sabotage,” arguing that such actions undermine Nigeria’s industrial growth and contradict President Bola Tinubu’s vision of building a $1 trillion economy by 2030.
“We cannot continue using Nigerian resources to strengthen foreign factories while starving our own indigenous companies of opportunities,” he added.
The Nord CEO emphasized that his company’s mission extends beyond profit, driven by patriotism and a long-term goal to build world-class vehicles in Nigeria.
As of press time, Stanbic IBTC had not issued an official response to the allegations. However, it is understood that the matter is already before a court.
Ajayi urged policymakers and financial institutions to address what he described as systemic obstacles facing local manufacturers, warning that without domestic support, Nigerian automakers cannot compete regionally or globally.
His comments come a month after Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, visited the Nord assembly plant in Lagos, where she urged increased patronage of Made-in-Nigeria products. The minister made the call on October 1, 2025, when she took delivery of her newly acquired Nord Demir SUV at the company’s assembly plant located within the University of Lagos (UNILAG).
