A combined photo of Nord Motors CEO, Oluwatobi Ajayi and Stanbic IBTC Bank CEO, Wole Adeniyi
By Toyin Williams
The Chief Executive Officer of Nigerian auto manufacturer, Nord Automobiles, Oluwatobi Ajayi has slammed Stanbic IBTC Bank for unilaterally debiting N700 million from his company’s account without prior notice or court approval.
The allegation, which Ajayi described as “unbelievably unethical,” highlights broader concerns over institutional bias against locally manufactured vehicles. The alleged debit reportedly occurred in April 2025 during an ongoing legal dispute over a Letter of Credit (LC) issued in 2022.
Ajayi explained that the bank claimed the LC, initially processed at an exchange rate between N430 and N480, was no longer valid and demanded payment at over N1,600 per dollar for transactions already closed. According to him, Stanbic IBTC argued that it had not received the LC’s USD value from the Central Bank of Nigeria (CBN), holding Nord responsible for the difference.
Despite agreeing to resolve the matter in court, the bank allegedly withdrew N700 million from his company’s account without notice.
“While the case is ongoing, the bank illegally debited N700 million from our account without warning. The ambush was unbelievably unethical,” Ajayi said.
Ajayi also raised concerns over the bank’s reported refusal to finance customers purchasing Made-in-Nigeria vehicles. He recounted that a prospective buyer seeking to acquire two Nord Max pickups was allegedly advised to consider foreign brands instead, some of which are registered as Made-in-Nigeria under the Bureau of Public Procurement.
“To my shock, the bank told our client they do not finance Made-in-Nigeria vehicles. This is economic sabotage,” Ajayi said, warning that such practices undermine Nigeria’s industrial growth and contradict President Bola Tinubu’s goal of building a $1 trillion economy by 2030.
He emphasised that Nord’s mission extends beyond profit to patriotism and a long-term vision of producing world-class vehicles in Nigeria.
Efforts by NATIONAL WAVES to speak to a staff of the agency managing Stanbic IBTC, Yusuf Rukayat were fruitless as calls to his line were not answered, and he has yet to respond to a message sent to her on the matter.
