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 yesterday 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.