Founder and Chief Executive Officer of Nigerian auto manufacturer Nord Automobiles, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of unilaterally debiting N700 million from the company’s account without prior notice or a court order.
The allegation, which Ajayi described as “unbelievably unethical,” is part of a broader concern over institutional bias against locally manufactured vehicles.
Ajayi made the claims in a detailed statement shared on social media (X), revealing that 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 “They claimed that the LC we took in 2022—fully paid at the prevailing exchange rate of N430 to N480—was no longer valid, and that we now had to pay at over N1,600 for transactions that had long been closed.”
According to Ajayi, the bank argued that 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 agreeing to resolve the matter in court, Stanbic IBTC allegedly withdrew N700 million from Nord’s account without warning.
“While the case is ongoing, the bank illegally debited N700 million from our account without notice. The ambush was unbelievably unethical,” he said.
Alleged bias against local manufacturers
Ajayi also raised concerns over Stanbic IBTC’s alleged refusal to finance customers purchasing Made-in-Nigeria vehicles. He recounted a recent incident where a business owner in the oil and gas sector sought to purchase two Nord Max pickups but was allegedly advised by the bank to consider foreign brands instead.
“To my shock, my team told me that the bank told him 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.”
He described the move as “economic sabotage,” arguing that such practices undermine Nigeria’s industrial growth and contradict President Bola Tinubu’s goals to build 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.
Ajayi emphasized that Nord’s mission goes beyond profit, but is also driven by patriotism and a long-term vision to build world-class vehicles in Nigeria.
Stanbic IBTC yet to respond
As of the time of reporting, Stanbic IBTC has not issued an official statement in response to the allegations, but Nairametrics understands that this may be because the matter is already in court.
Ajayi urged stakeholders to take the refusal to finance locally made vehicles seriously, warning that without domestic support, Nigerian manufacturers cannot hope to compete regionally or globally.
What you should know
Last month, Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, visited the Nord assembly plant in Lagos, calling on government agencies and the private sector to boost their patronage of Made in Nigeria products.
The Minister spoke on October 1st 2025, when she visited the Nord automobile assembly plant inside the University of Lagos (UNILAG) to pick up her newly acquired Nord Demir SUV.
