Nigerian automaker, Nord, accuses Stanbic IBTC of 'economic sabotage' for Refusing to finance local vehicles

The CEO of Nord Motors, Oluwatobi Ajayi, has publicly accused Stanbic IBTC Bank of undermining local manufacturing by refusing to finance the purchase of Nigerian-made vehicles.

The allegation emerged after a client in the oil and gas sector, interested in buying two Nord Motors pickup trucks, was reportedly informed by the bank that it does not finance locally manufactured vehicles.

According to Ajayi, the bank instead advised the client to opt for foreign brands.

In a social media post, Ajayi condemned this as an “institutional form of economic discrimination” that sabotages the federal government’s industrialization drive and job creation efforts. He described the bank’s stance as a “colonial-era bias” that favors foreign products over indigenous innovation.

Ajayi expressed particular frustration that the foreign brands suggested by the bank are officially registered as “Made-in-Nigeria” with the Bureau of Public Procurement (BPP). He accused the bank of applying standards selectively to the disadvantage of genuine local manufacturers.

He framed the issue as a critical test of national economic patriotism, arguing that Nigerian manufacturers are being “starved of opportunities” while the country’s resources are used to strengthen foreign factories.

Ajayi called for tangible support for local production through policy, finance, and action, rather than just words.

When contacted for a response, the Head of Marketing and Communications for Stanbic IBTC Bank, Bridget Oyefeso-Odusami, declined to comment, stating that the matter is currently before a court.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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