Nord CEO Accuses Stanbic IBTC of Illegally Debiting ₦700 Million in Nigeria

Nord CEO Oluwatobi Ajayi has accused Stanbic IBTC Bank of unlawfully withdrawing ₦700 million from the company's account without notice or court order. The incident occurred during a legal dispute involving a letter of credit issued in 2022, which Ajayi claims was fully paid at an exchange rate of 430-480.

Despite this, Stanbic IBTC allegedly debited the account citing a difference in exchange rates. Ajayi further accuses the bank of discrimination against locally made vehicles and economic sabotage.

The CEO emphasizes Nord's mission beyond profit to support Nigerian resources and indigenous companies.