Nord Motors CEO Accuses Stanbic IBTC of Unauthorized Debit, Raises Concerns for Local Manufacturing

Nord Motors CEO, Oluwatobi Ajayi, accuses Stanbic IBTC of debiting N700 million from the company's account without notice or court order. Ajayi alleges this action is part of a broader issue of bias against local vehicle manufacturers.

Despite ongoing legal disputes, Stanbic IBTC allegedly withdrew the funds, impacting Nord Motors' operations. Ajayi emphasizes the importance of domestic support for Nigerian manufacturers to compete globally.

The incident highlights challenges faced by local businesses in accessing financial services and promoting indigenous industries.