The founder and CEO of home-grown auto manufacturer Nord Automobiles, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of removing N700 million from his company’s account without any prior notification or court order. In a statement released on social media, Ajayi described the move as unbelievably unethical.
According to Ajayi, the alleged debit took place in April 2025, during a legal dispute involving a Letter of Credit (LC) issued in 2022. He asserted:
“We didn’t borrow money from them.” Ajayi further explained: “They claimed that the LC we took in 2022, fully paid at the prevailing exchange rate of N430 to N480, was no longer valid, and that we now had to pay at over N1,600 for transactions that had long been closed.”
He alleges the bank justified its action by saying it had not received the USD value of the LC from the Central Bank of Nigeria, and consequently held Nord responsible for the currency difference. Without warning, the bank allegedly withdrew the N700 million as the dispute continued toward legal resolution.
Ajayi also raised a broader concern. He claims Stanbic IBTC has refused to finance customers looking to buy Made-in-Nigeria vehicles. In one example, a client interested in two Nord Max pickups was allegedly told by the bank:
“They told him that they do not finance Made-in-Nigeria vehicles… they even suggested foreign brands.” Ajayi labelled this action as economic sabotage, arguing that such financing policies undermine Nigeria’s indigenous manufacturing sector and contradict the government’s goal to build a $1 trillion economy by 2030.
Nord’s mission, as Ajayi emphasised, extends beyond profit. The company aims to build world-class vehicles in Nigeria and support local industry. He urged stakeholders to take seriously the issue of financial institutions withholding support from local manufacturers, warning that without such backing Nigerian producers will struggle to compete regionally or globally.
As of now, Stanbic IBTC has not publicly responded to the accusations, possibly because the matter is already before the courts.
