Nord CEO has accused Stanbic IBTC of illegally debiting ₦700 Million and called it ‘unbelievably unethical’.
NewsOnline Nigeria reports that the Founder and Chief Executive Officer of Nord Automobiles, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of unlawfully withdrawing ₦700 million from the company’s account without notice or a court order.
Ajayi described the action as “unbelievably unethical” and symptomatic of a broader institutional bias against locally manufactured vehicles in Nigeria.
In a detailed statement shared on X (formerly Twitter), the Nord boss said the alleged debit took place in April 2025, during an ongoing legal dispute involving a Letter of Credit (LC) issued in 2022.
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“We didn’t borrow money from them,” Ajayi said. “They claimed that the LC we took in 2022 — fully paid at the exchange rate of ₦430 to ₦480 — was no longer valid, insisting we now had to pay at over ₦1,600 for transactions that were long concluded.”
According to him, Stanbic IBTC argued that it had not received the LC’s dollar value from the Central Bank of Nigeria (CBN) and therefore held Nord liable for the exchange rate difference. Despite agreeing to settle the issue in court, the bank allegedly withdrew ₦700 million from Nord’s account without any prior notification.
“While the case is ongoing, the bank illegally debited ₦700 million from our account without notice. The ambush was unbelievably unethical,” Ajayi stated.
Alleged Bias Against Local Manufacturers
Ajayi further accused Stanbic IBTC of discriminating against Made-in-Nigeria vehicles, alleging that the bank discourages clients from purchasing Nord cars.
He recounted how a business owner in the oil and gas industry recently tried to finance two Nord Max pickups through Stanbic IBTC but was allegedly told by the bank to buy foreign brands instead.
“To my shock, my team told me the bank said they do not finance Made-in-Nigeria vehicles,” Ajayi revealed. “They even recommended foreign brands — some of which are falsely registered as local with the Bureau of Public Procurement.”
The Nord CEO condemned such actions as “economic sabotage,” saying they contradict the Federal Government’s industrialization and job creation goals.
“We cannot keep using Nigerian resources to grow foreign factories while starving our own indigenous companies of opportunities,” he warned.
Call for Support of Local Industries
Ajayi emphasized that Nord’s mission goes beyond profit, describing it as a patriotic commitment to building a sustainable automobile industry within Nigeria.
“Our goal is not just to sell cars — it’s to prove that Nigerians can build world-class vehicles. But without fair institutional support, that dream is constantly under threat,” he said.
As of press time, Stanbic IBTC Bank had not released an official statement on the matter. However, reports suggest the issue remains under judicial consideration.
Ajayi urged stakeholders in government and the private sector to take the issue seriously, warning that continued neglect of local manufacturers will make Nigeria dependent on imports and hinder its goal of a $1 trillion economy by 2030.
Government Endorsement of Local Production
Just last month, Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, visited Nord’s Lagos assembly plant inside the University of Lagos (UNILAG) campus, where she took delivery of her Nord Demir SUV.
The Minister urged both public and private institutions to increase patronage of Made-in-Nigeria products, stressing that industrial growth depends on local content development.
