Founder and Chief Government Officer of Nigerian auto producer Nord Vehicles, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of unilaterally debiting N700 million from the corporate’s account with out prior discover or a courtroom order.
The allegation, which Ajayi described as “unbelievably unethical,” is a part of a broader concern over institutional bias in opposition to regionally manufactured automobiles.
Ajayi made the claims in an in depth assertion shared on social media (X), revealing that the alleged debit occurred in April 2025 amid an ongoing authorized dispute over a Letter of Credit score (LC) issued in 2022.
“We didn’t borrow cash from them,” Ajayi acknowledged. “They claimed that the LC we took in 2022—totally paid on the prevailing alternate price of N430 to N480—was not legitimate, and that we now needed to pay at over N1,600 for transactions that had lengthy been closed.”
In response to Ajayi, the bank argued that it had not obtained the LC’s USD worth from the Central Bank of Nigeria (CBN), and due to this fact held Nord chargeable for the distinction. Regardless of agreeing to resolve the matter in courtroom, Stanbic IBTC allegedly withdrew N700 million from Nord’s account with out warning.
“Whereas the case is ongoing, the bank illegally debited N700 million from our account with out discover. The ambush was unbelievably unethical,” he stated.
Alleged bias in opposition to native producers
Ajayi additionally raised issues over Stanbic IBTC’s alleged refusal to finance clients buying Made-in-Nigeria automobiles. He recounted a latest incident the place a enterprise proprietor within the oil and gasoline sector sought to buy two Nord Max pickups however was allegedly suggested by the bank to contemplate international manufacturers as a substitute.
“To my shock, my workforce instructed me that the bank instructed him they don’t finance Made-in-Nigeria automobiles,” Ajayi stated. “They even steered international manufacturers—a few of that are registered as Made-in-Nigeria with the Bureau of Public Procurement.”
He described the transfer as “financial sabotage,” arguing that such practices undermine Nigeria’s industrial progress and contradict President Bola Tinubu’s objectives to construct a $1 trillion economic system by 2030.
“We can not proceed utilizing Nigerian sources to strengthen international factories whereas ravenous our personal indigenous corporations of alternatives,” he added.
Ajayi emphasised that Nord’s mission goes past revenue, however can be pushed by patriotism and a long-term imaginative and prescient to construct world-class automobiles in Nigeria.
Stanbic IBTC but to reply
As of the time of reporting, Stanbic IBTC has not issued an official assertion in response to the allegations, however BusinessTimes understands that this can be as a result of the matter is already in courtroom.
Ajayi urged stakeholders to take the refusal to finance regionally made automobiles critically, warning that with out home help, Nigerian producers can not hope to compete regionally or globally.
What it is best to know
Final month, Nigeria’s Minister of Trade, Commerce and Funding, Dr. Jumoke Oduwole, visited the Nord meeting plant in Lagos, calling on authorities companies and the non-public sector to spice up their patronage of Made in Nigeria merchandise.
The Minister spoke on October 1st 2025, when she visited the Nord car meeting plant contained in the University of Lagos (UNILAG) to select up her newly acquired Nord Demir SUV.
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