Nord founder slams Stanbic IBTC over bias against Nigerian-made vehicles and an alleged illegal N700m debit, calling it institutional sabotage

Nord founder has slammed Stanbic IBTC for alleged institutional sabotage against Nigerian manufacturers and for illegally withdrawing N700 million from his company’s account without authorisation.

Ajayi Oluwatobi, founder and Chief Executive Officer of Nord Motion, made the allegation in a detailed statement where he accused Stanbic IBTC of showing bias against Made-in-Nigeria products and undermining local businesses.

Oluwatobi recounted how a potential customer in the oil and gas sector had approached Nord Motion to purchase two units of the Nord Max pickup after being impressed by its performance.

However, to his shock, Stanbic IBTC reportedly told the customer that the bank does not finance Nigerian-made vehicles and even encouraged him to opt for foreign brands instead.

“The most provocative part is that the same brands they recommended identify as Made-in-Nigeria in their Bureau of Public Procurement filings,” he said, condemning what he described as a clear double standard and a deliberate attempt to frustrate local manufacturers.

According to Oluwatobi, such conduct amounts to “needless sabotage and institutional bias” that stands in the way of Nigeria’s industrial growth.

“The President aims to grow us into a one-trillion-dollar economy, yet some banks openly display prejudice against local products. How do we build when the system works against its own?” he asked.

He stressed that many indigenous manufacturers like Nord Motion operate not just for profit but out of patriotism and belief in Nigeria’s industrial future.

“We cannot continue using our resources to strengthen foreign factories while starving local ones of opportunities,” he added, urging banks to align their policies with the nation’s economic goals.

Oluwatobi also shared screenshots and documents to support his claims, revealing that Stanbic IBTC had unilaterally debited N700 million from Nord Motion’s account in April 2025 without a court order.

He said the bank justified the withdrawal by claiming that a 2022 letter of credit, which had been fully settled at an exchange rate of 430–480 naira per dollar, was invalid and should now be recalculated at over 1,600 naira.

“We didn’t borrow from them. The LC was fully paid. Yet, while the case is still in court, the bank illegally debited our account. It was unbelievably unethical,” Oluwatobi stated.

He disclosed that Nord Motion cut most of its ties with the bank in early 2023 after years of what he described as poor business relations, retaining them only for minor transactions.

Despite the setback, he vowed to fight the matter to the end, calling it “a strong and patient fight” that will set a precedent for other Nigerian manufacturers.

Also read: Chess champion Tunde Onakoya wins second Nord SUV, extends partnership

The entrepreneur warned that refusing to finance locally made products while supporting foreign ones is an act of economic sabotage that exports jobs and stifles innovation.

“If we can’t win at home, how can we dominate regionally and globally?” he asked.

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