By Peter Omopo
The Chief Executive Officer of Nord Motion, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of discouraging a prospective buyer from purchasing locally assembled vehicles, alleging deliberate sabotage and institutional bias against Nigerian manufacturers.
In a post shared on X on Thursday, Ajayi said an entrepreneur in the oil and gas sector had approached Nord to buy two units of the company’s Max pickup trucks after test-driving the vehicles. However, when the customer sought financing from Stanbic IBTC, he was reportedly advised not to patronise the Nigerian automaker.
According to Ajayi, the bank told the client that it “does not finance Made-in-Nigeria vehicles” and recommended foreign brands instead—despite these same brands listing themselves as Made-in-Nigeria in documents submitted to the Bureau of Public Procurement (BPP).
Ajayi described the situation as “needless sabotage” against local manufacturers.
“The President aims to grow us into a $1 trillion economy. Nigerians want to buy Made-in-Nigeria products, we are working hard to produce world-class vehicles, but some banks… are displaying open prejudice against locally made vehicles,” he said.
The Nord CEO argued that such discriminatory practices weaken Nigeria’s industrialisation drive, noting that many local automakers operate out of patriotism and long-term commitment rather than profit alone.
He added that Nigeria cannot continue to spend its resources supporting foreign factories while indigenous companies struggle for acceptance and financial backing.
Ajayi called for stronger policy support, better financing structures, and genuine commitment to local content development.
“Every time we deny support for local production, we export jobs, skills, and economic growth that should belong here,” he added.
N700m “Illegal Debit” — Ajayi Accuses Stanbic IBTC of Unlawful Withdrawal
Ajayi further alleged that Stanbic IBTC had unlawfully debited N700 million from Nord Motion’s account earlier in April 2025 without a court order.
He said Nord had settled a 2022 Letter of Credit (LC) using the official exchange rate of ₦430–₦480 per dollar as approved by the bank. However, Stanbic IBTC later claimed the LC was invalid because it did not receive the corresponding foreign exchange from the Central Bank of Nigeria (CBN).
Ajayi said the bank subsequently recalculated the LC at the new exchange rate of over ₦1,600 per dollar—even though the underlying transactions had long been concluded and the vehicles sold.
“We immediately agreed to take the matter to court. While the case was ongoing, the bank illegally debited N700 million from our account without notice,” he alleged, calling the action “unbelievably unethical”.
Ajayi said Nord severed major ties with the bank in early 2023 after years of what he described as a difficult business relationship.
Stanbic IBTC Declines Comment
When contacted by TheCable, Bridget Oyefeso-Odusami, the bank’s Head of Marketing and Communications, did not respond to enquiries regarding the alleged sabotage of Nord’s customer.
When asked about the ongoing court case, she said she was “not permitted to speak about it.”
Local Manufacturers Call for Fair Treatment
Ajayi’s outburst has sparked renewed debate about the treatment of Nigerian manufacturers by financial institutions, with industry stakeholders insisting that banks must support indigenous companies if the country intends to grow its industrial base and reduce dependence on imports.
The case between Nord Motion and Stanbic IBTC remains before the court.
