The 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.
Ajayi described the action as “unbelievably unethical” and part of a broader concern over institutional bias against locally manufactured vehicles. The alleged debit reportedly 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 said in a statement shared on social media. “They claimed that the LC we took in 2022, fully paid at the prevailing exchange rate of N430 to N480, was no longer valid, and that we now had to pay at over N1,600 for transactions that had long been closed.”
Dispute Over Letter of Credit
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, raising serious questions about banking ethics and corporate accountability.
Alleged Bias Against Locally Manufactured Vehicles
Ajayi also raised concerns about Stanbic IBTC’s refusal to finance customers purchasing Made-in-Nigeria vehicles. He recounted an incident in which a business owner seeking to buy two Nord Max pickups was allegedly advised to consider foreign brands instead.
“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.”
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He described the move as “economic sabotage,” arguing that such practices undermine Nigeria’s industrial growth and contradict President Bola Tinubu’s goal of building a $1 trillion economy by 2030.
Ajayi emphasized that Nord’s mission goes beyond profit, driven by patriotism and a long-term vision to build world-class vehicles in Nigeria. As of reporting, Stanbic IBTC has not issued an official response.
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