By Charles Pemu 
LAGOS—The founder and CEO of indigenous auto manufacturer Nord Automobiles, Oluwatobi Ajayi, has publicly accused Stanbic IBTC Bank of unilaterally debiting ₦700 million from the company’s account without a court order or prior notice, describing the action as an “unbelievably unethical ambush.”
The allegation, shared in a detailed statement on social media, stems from an ongoing legal dispute over a Letter of Credit (LC) issued in 2022.
Ajayi revealed that Nord Automobiles had fully paid for the 2022 LC transaction at the prevailing exchange rate of ₦430 to ₦480 per dollar. However, Stanbic IBTC later claimed the LC was no longer valid because it had not received the USD value from the Central Bank of Nigeria (CBN).
The bank allegedly demanded that Nord cover the foreign exchange difference at the current rate of over ₦1,600 per dollar, holding the local manufacturer liable for a transaction that had been closed for years.
“We didn’t borrow money from them,” Ajayi stated. “While the case is ongoing, the bank illegally debited ₦700 million from our account without notice. The ambush was unbelievably unethical.”
Ajayi framed the debit as part of a broader pattern of institutional bias and economic sabotage against locally manufactured vehicles.
He also raised concerns over Stanbic IBTC’s alleged refusal to provide financing for customers interested in purchasing Made-in-Nigeria vehicles. Ajayi recounted an incident where a potential oil and gas sector customer seeking to purchase Nord vehicles was reportedly advised by the bank to consider foreign brands instead.
“To my shock, my team told me that the bank told him they do not finance Made-in-Nigeria vehicles,” Ajayi said, noting that this practice starves indigenous companies of opportunities and undermines national industrial growth.
As of the time of reporting, Stanbic IBTC has not issued an official statement in response to the allegations, likely due to the ongoing nature of the matter in court.