The Chief Executive Officer of Nord Motors, Oluwatobi Ajayi, has accused Stanbic IBTC Bank of frustrating efforts to promote local manufacturing after the bank allegedly refused to finance the purchase of Made-in-Nigeria vehicles requested by a client in the oil and gas sector.
Ajayi, in a post on Wednesday on his social media handle X (formerly Twitter) claimed the bank informed the client that it does not finance locally manufactured vehicles, advising instead that they opt for foreign brands.
Ajayi, noted that this is an institutional form of economic discrimination that undermines the federal government’s industrialisation drive.
He noted that despite government efforts to promote local manufacturing and job creation, some financial institutions continue to display a colonial-era bias that favours foreign brands over indigenous innovation.
Ajayi added: “A business owner in the oil and gas sector approached us that he would like to buy two units of the nordmotion Max pickup for his company. Apparently, he was impressed with the vehicle after some rides with his peers in the sector.
“To my shock, on Wednesday, my team told me that the bank, a bank operating in Nigeria told him that they do not finance Made-in-Nigeria vehicles, and they even suggested to our customer that he should go for foreign brands instead.
“The bank is StanbicIBTC. The most provocative part of this is that all of the brands they suggested to him identified as Made-in-Nigeria brands in their filings with the Bureau of Public Procurement (BPP). Which means they decide who they want to be whenever it suits them.
“This is yet another example of the needless sabotage and institutional bias against Nigerian manufacturers and assemblers that we experience in this sector.
“The President aims to grow us into a $1 trillion economy. Nigerians want to buy Made-in-Nigeria products, we are working very hard to produce world-class vehicles, but some banks, who should play the role of credit facilitators, are displaying open prejudice against locally made vehicles.
“What sort of economic sabotage is this? Many of us who continue to assemble and manufacture vehicles here do so not just for profit, but out of patriotism and belief in the long game. We see this as a marathon, not a sprint. We cannot continue using Nigerian resources to strengthen foreign factories while starving our own indigenous companies of opportunities.
“If we truly want this country to be better, then we must support goods and services made in Nigeria, especially those of us who have shown we can deliver world-class standards. The support has to be real, not just in words, but in policy, in finance, and in action. Every time we deny support for local production, we export jobs, skills, and economic growth that should belong here.” Ajayi stated.
The Head, Marketing and Communications, Bridget Oyefeso-Odusami responding to a call from THISDAY refused to comment on the accusations. She said: “The case is in court, and I’m not permitted to speak about it.”
