The Founder and Chief Executive Officer of Nigerian auto manufacturer Nord Automobiles, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of unlawfully debiting N700 million from the company’s account without prior notice or a valid court order.
Ajayi, in a detailed statement shared on social media platform X, described the alleged action as “unbelievably unethical,” linking it to what he called broader institutional bias against locally manufactured vehicles in Nigeria.
According to Ajayi, the debit occurred in April 2025 amid an ongoing legal dispute between Nord Automobiles and the bank over a Letter of Credit (LC) issued in 2022.
“We didn’t borrow money from them,” Ajayi said. “They claimed that the LC we took in 2022—fully paid at the prevailing exchange rate of N430 to N480—was no longer valid, and that we now had to pay at over N1,600 for transactions that had long been closed.”
He alleged that Stanbic IBTC argued it never received the LC’s USD value from the Central Bank of Nigeria (CBN) and subsequently held Nord liable for the exchange rate difference. Despite both parties agreeing to resolve the matter in court, Ajayi claimed the bank went ahead to withdraw N700 million from Nord’s account without warning.
“While the case is ongoing, the bank illegally debited N700 million from our account without notice. The ambush was unbelievably unethical,” he added.
As of press time, Stanbic IBTC Bank has not issued an official response to the allegations. The case adds to growing public debate around how commercial banks handle foreign exchange-linked transactions amid Nigeria’s volatile currency environment.
Industry observers say the outcome of the dispute could have broader implications for corporate banking relationships and confidence in the country’s financial sector.
