{"id":84697,"date":"2025-11-12T12:38:46","date_gmt":"2025-11-12T12:38:46","guid":{"rendered":"https:\/\/carlots.ng\/motoring\/?p=84697"},"modified":"2025-11-12T12:39:39","modified_gmt":"2025-11-12T12:39:39","slug":"breaking-nord-ceo-accuses-nigeria-bank-of-economic-sabotage-for-refusing-to-finance-made-in-nigeria-cars","status":"publish","type":"post","link":"https:\/\/carlots.ng\/motoring\/breaking-nord-ceo-accuses-nigeria-bank-of-economic-sabotage-for-refusing-to-finance-made-in-nigeria-cars\/","title":{"rendered":"BREAKING: Nord CEO Accuses Nigeria bank of &#8216;Economic Sabotage&#8217; for Refusing to Finance &#8220;Made-in-Nigeria&#8221; Cars"},"content":{"rendered":"\n<p>Oluwatobi Ajayi, the CEO of <a href=\"https:\/\/carlots.ng\/motoring\/what-you-should-know-about-nord-tank-price-reviews\/\" data-type=\"post\" data-id=\"82403\">Nord Automobiles<\/a>, has publicly identified <strong>Stanbic IBTC Bank<\/strong> as the institution he accuses of &#8220;economic sabotage&#8221; and &#8220;unbelievably unethical&#8221; conduct, detailing a series of allegations ranging from refusing to finance local goods to an &#8220;illegal&#8221; N700 million debit.<\/p>\n\n\n\n<p>Ajayi unleashed a torrent of accusations, alleging the bank is actively undermining local manufacturing.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The bank is <a href=\"https:\/\/twitter.com\/StanbicIBTC?ref_src=twsrc%5Etfw\">@StanbicIBTC<\/a> <a href=\"https:\/\/t.co\/t96e1i8vhN\">https:\/\/t.co\/t96e1i8vhN<\/a><\/p>&mdash; Ajayi Oluwatobi (@OluwatobiAjayiJ) <a href=\"https:\/\/twitter.com\/OluwatobiAjayiJ\/status\/1988307093334700146?ref_src=twsrc%5Etfw\">November 11, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Refusal to Finance &#8220;Made-in-Nigeria&#8221;<\/strong><\/h4>\n\n\n\n<p>The immediate trigger for the public statement was an incident involving a customer. &#8220;To my shock, yesterday, my team told me that the bank&#8230; told him that they <strong>do not finance <a href=\"https:\/\/carlots.ng\/motoring\/how-to-buy-brand-new-cars-cheaper-in-nigeria\/\" data-type=\"post\" data-id=\"84688\">Made-in-Nigeria<\/a> vehicles<\/strong>,&#8221; Ajayi stated.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A business owner in the oil and gas sector approached us that he would like to buy two units of the <a href=\"https:\/\/twitter.com\/nordmotion?ref_src=twsrc%5Etfw\">@nordmotion<\/a> Max pickup for his company. Apparently, he was impressed with the vehicle after some rides with his peers in the sector.<br><br>To my shock, yesterday, my team told me that\u2026<\/p>&mdash; Ajayi Oluwatobi (@OluwatobiAjayiJ) <a href=\"https:\/\/twitter.com\/OluwatobiAjayiJ\/status\/1988233363778322887?ref_src=twsrc%5Etfw\">November 11, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>He claimed the bank&#8217;s staff went further, stating, &#8220;&#8230;they even suggested to our customer that he should go for <strong>foreign brands instead<\/strong>.&#8221;<\/p>\n\n\n\n<p>&#8220;What sort of <strong>economic sabotage<\/strong> is this?&#8221; Ajayi demanded, calling it &#8220;yet another example of the needless sabotage and <strong>institutional bias against Nigerian manufacturers<\/strong>&#8230;&#8221;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>&#8220;Unbelievably Unethical&#8221; N700M Debit<\/strong><\/h4>\n\n\n\n<p>Beyond the financing refusal, Ajayi revealed an ongoing, high-stakes legal battle with Stanbic IBTC.<\/p>\n\n\n\n<p>&#8220;Earlier this year, in April, they <strong>unilaterally debited 700 million NGN<\/strong> from our account <strong>without any court order<\/strong>,&#8221; Ajayi alleged. &#8220;We didn\u2019t borrow money from them.&#8221;<\/p>\n\n\n\n<p>The dispute reportedly stems from 2022 Letters of Credit (LCs) that Nord believed were settled. Ajayi claims the bank is now retroactively re-pricing the transactions:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;They claimed that the LC we took in 2022, which was fully paid at the prevailing exchange rate of about <strong>430 NGN to 480 NGN<\/strong>&#8230; was no longer valid, and that we now had to pay at over <strong>1,600 NGN<\/strong>&#8230;&#8221;<\/p>\n<\/blockquote>\n\n\n\n<p>Ajayi said the bank&#8217;s justification was &#8220;that they didn\u2019t receive the LC USD from the CBN and that we somehow owed them.&#8221;<\/p>\n\n\n\n<p>He described the bank&#8217;s action, while the matter is in court, as an &#8220;ambush&#8221; that was &#8220;<strong>unbelievably unethical<\/strong>.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Many people have told me to name the bank, trust me, I have strong reasons to do so. This particular bank has been a terrible business partner to us at Nord for many years (see attached a mail to their COO in 2022). We cut most ties with them in early 2023, using them only for\u2026 <a href=\"https:\/\/t.co\/Q1Rbzpch10\">https:\/\/t.co\/Q1Rbzpch10<\/a> <a href=\"https:\/\/t.co\/BUlwTxRnY4\">pic.twitter.com\/BUlwTxRnY4<\/a><\/p>&mdash; Ajayi Oluwatobi (@OluwatobiAjayiJ) <a href=\"https:\/\/twitter.com\/OluwatobiAjayiJ\/status\/1988294947540238655?ref_src=twsrc%5Etfw\">November 11, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Ajayi, who also shared a 2022 email complaining of the bank&#8217;s &#8220;terrible&#8221; service, affirmed his commitment to seeing the legal case through. &#8220;I know justice can be slow, but I am committed to <strong>fighting this battle to the end<\/strong>.&#8221;<\/p>\n\n\n\n<p>While he has now named the bank, he had previously warned, &#8220;I may change my mind later (<strong>even in a few hours<\/strong>),&#8221; indicating the rapidly developing nature of the dispute.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oluwatobi Ajayi, the CEO of Nord Automobiles, has publicly identified Stanbic IBTC Bank as the institution he accuses of &#8220;economic sabotage&#8221; and &#8220;unbelievably unethical&#8221; conduct, detailing a series of allegations ranging from refusing to finance local goods to an &#8220;illegal&#8221; N700 million debit. Ajayi unleashed a torrent of accusations, alleging the bank is actively undermining [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard"},"jnews_primary_category":[],"footnotes":""},"categories":[5],"tags":[],"class_list":["post-84697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BREAKING: Nord CEO Accuses Nigeria bank of &#039;Economic Sabotage&#039; for Refusing to Finance &quot;Made-in-Nigeria&quot; Cars - Car motoring news and Car reviews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carlots.ng\/motoring\/breaking-nord-ceo-accuses-nigeria-bank-of-economic-sabotage-for-refusing-to-finance-made-in-nigeria-cars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING: Nord CEO Accuses Nigeria bank of &#039;Economic Sabotage&#039; for Refusing to Finance &quot;Made-in-Nigeria&quot; Cars\" \/>\n<meta property=\"og:description\" content=\"Oluwatobi Ajayi, the CEO of Nord Automobiles, has publicly identified Stanbic IBTC Bank as the institution he accuses of &#8220;economic sabotage&#8221; and &#8220;unbelievably unethical&#8221; conduct, detailing a series of allegations ranging from refusing to finance local goods to an &#8220;illegal&#8221; N700 million debit. 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