The Chief Executive Officer of Nord Automobiles, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of illegally withdrawing N700 million from the company’s account amid an ongoing legal battle over a 2022 Letter of Credit (LC).
The Nord Motors founder described the bank’s move as “unbelievably unethical,” claiming the debit was made without prior notice, authorization, or a court order.
Ajayi revealed that the incident occurred in April 2025 during a dispute over an LC issued three years earlier. According to him, the LC had been fully settled at the exchange rate of N430 to N480 per dollar, but the bank later insisted the transaction was invalid and recalculated the value at over N1,600 per dollar. “We didn’t borrow money from them,” he said. “They claimed that the LC we took in 2022, fully paid at the prevailing exchange rate of N430 to N480—was no longer valid, and that we now had to pay at over N1,600 for transactions that had long been closed.”
The Nord CEO alleged that Stanbic IBTC justified the action by saying it never received the LC’s USD equivalent from the Central Bank of Nigeria (CBN). Despite the company’s willingness to resolve the matter legally, Ajayi said the bank unilaterally debited N700 million while the case was still in court. “While the case is ongoing, the bank illegally debited N700 million from our account without notice. The ambush was unbelievably unethical,” he added.
Beyond the financial dispute, Ajayi accused Stanbic IBTC of bias against Nigerian-made vehicles. He cited an incident where a prospective buyer seeking to finance two Nord Max pickups was allegedly discouraged by the bank and advised to consider foreign alternatives. “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.”
Ajayi described the alleged behavior as “economic sabotage,” saying such actions weaken local industries and contradict President Bola Tinubu’s vision of growing Nigeria into 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 stated.
He emphasized that Nord’s operations are rooted not only in profit but also in patriotism and a commitment to building world-class vehicles locally. “Our mission goes beyond profit; it’s about proving that Nigeria can produce durable, globally competitive vehicles,” Ajayi said.
As of the time of publication, Stanbic IBTC Bank has not responded publicly to the allegations. Ajayi urged regulators, investors, and policymakers to take the issue seriously, warning that without institutional support, domestic manufacturers cannot compete with imported brands.
Last month, Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, visited Nord’s Lagos assembly plant and urged public and private institutions to support Made-in-Nigeria products. Her visit, which took place on October 1, 2025, saw her take delivery of a Nord Demir SUV, symbolizing government endorsement of local manufacturing.
