Oluwatobi Ajayi, Chief Executive Officer of Nord Motion, a Nigerian vehicle assembly company, has accused Stanbic IBTC Bank of discouraging a potential customer from purchasing locally manufactured vehicles.
Ajayi, in a post on his official X handle, alleged that a prospective buyer — an oil and gas entrepreneur — was advised by the bank to avoid financing Nord vehicles, with a recommendation to purchase foreign brands instead.
“A business owner in the oil and gas sector approached us that he would like to buy two units of the @nordmotion Max pickup for his company,” Ajayi wrote.
“To my shock, my team told me that the bank, operating in Nigeria, told him they do not finance Made-in-Nigeria vehicles, and even suggested foreign brands instead.”
The Nord CEO described the alleged action as “needless sabotage” and “institutional bias” against Nigerian manufacturers, noting that the foreign brands recommended by the bank also identify as Made-in-Nigeria in filings with the Bureau of Public Procurement (BPP).
Ajayi criticised what he described as a lack of faith in Nigerian-made products, despite President Bola Tinubu’s push to grow the economy to $1 trillion.
“We are working very hard to produce world-class vehicles, but some banks, who should play the role of credit facilitators, are displaying open prejudice against locally made vehicles,” he said.
“Every time we deny support for local production, we export jobs, skills, and economic growth that should belong here.”
Ajayi also accused Stanbic IBTC of unilaterally debiting ₦700 million from Nord Motion’s account in April 2025, describing the move as “unethical” and “illegal.”
He said the deduction was related to a Letter of Credit (LC) issued in 2022, which had been fully paid at the then-official exchange rate of between ₦430 and ₦480 per dollar.
According to Ajayi, the bank later claimed the LC was invalid because it had not received the corresponding foreign exchange from the Central Bank of Nigeria (CBN), and insisted that Nord pay the balance at a new rate exceeding ₦1,600 per dollar.
“We immediately agreed to take the matter to court,” Ajayi said.
“While the case was ongoing, the bank illegally debited ₦700 million from our account without notice. It was unbelievably unethical.”
He added that Nord had since reduced its dealings with Stanbic IBTC, conducting only minor transactions with the bank.
When contacted, Bridget Oyefeso-Odusami, Head of Marketing and Communications at Stanbic IBTC, declined to comment on the allegations, stating that she was “not permitted to speak about the ongoing court case.”