Presidency Blasts HSBC, Accuses Banking Giant Of Aiding Looters • Channels Television

Buhari Vows To Ensure No Boko Haram Captive ‘Is Left Behind’

The Presidency is sad with the prediction of banking big HSBC concerning the Nigerian economic system if President Muhammadu Buhari will get a second term


The Presidency has condemned multinational banking and monetary companies firm HSBC for predicting {that a} second term for President Buhari would stunt Nigeria’s economic system and demanded that the corporate ought to stop doomsday prophecies concerning the nation.

The Economist Intelligence Unit (EIU), the analysis unit of The Economist Magazine and HSBC had predicted in a report {that a} second term for President Buhari would “greatly stunt the economic development of the country”.

Both corporations additionally predicted that the Peoples Democratic Party (PDP) would win the 2019 presidential election.

But the Presidency accused HSBC of actively supporting “the unbridled looting of state resources by leaders”.

“HSBC’s put down on President Buhari is no more than an expression of frustration over the administration’s measures put in place which has abolished grand corruption, the type which this bank thrives on in many countries.”

Read the full assertion by the Presidency under:



The Presidency needs to clarify to all Nigerians, and notably the global banking big HSBC which mentioned the second term of President Muhammadu Buhari would stunt the economic system, that what killed Nigeria’s economic system prior to now was the unbridled looting of state sources by leaders, the sort which was actively supported by HSBC.

A financial institution that dirty its hand with ‘‘millions of US dollars yet-to-be-recovered Abacha loot’’, and continued till a number of months in the past to defend the stolen funds of one of many leaders of the Nigerian Senate has no ethical proper in any respect to mission {that a} “second term for Mr. Buhari raises the risk of limited economic progress and further fiscal deterioration.”

Rather, we ask them to heed President Buhari’s fixed chorus: return our stolen property, then see how effectively we are going to do.

From the info accessible to our investigation companies, HSBC’s put down on President Buhari is not more than an expression of frustration over the administration’s measures put in place which has abolished grand corruption, the sort which this financial institution thrives on in multiple nations.

They may just be out to discredit the President out of the worry of sanctions and fines following the nationwide property which can be stolen.

With the approaching of President Buhari, it isn't a secret that corruption, corrupt people, banks and different company entities that aided corrupt practices are under investigation for numerous offenses.

For multiple of them, including their associates within the media, they might relatively have President Buhari out of their means, for business as typical to return.

Our investigation companies imagine that HSBC had laundered greater than USD 100,000,000 for the late General Sani Abacha in Jersey, Paris, London and Geneva.

Among these accounts on the data are: AC: S-104460 HSBC Fund Admin Ltd. Jersey ($12,000,000); AC 37060762 HSBC Life (Europe), U.K ($20,000,000) and AC: 38175076 HSBC Bank Plc. U.K ($1,600,000).

The financial institution is also suspected within the laundering of proceeds of corruption involving greater than 50 different Nigerians, including a serving Senator as earlier indicated.

In a guide, “Secrecy World: Inside the Panama Papers Investigation”, revealed in 2017, Jack Bernstein advised the story of global cash laundering highlighting the unenviable place of the HSBC.

This is a financial institution that states and federal authorities within the U.S. pressured to pay $1.92 billion to settle prices of cash laundering; fined $1.2 billion in Hong Kong for “systemic deficiencies” in bond gross sales and was made to pay $100 million in foreign money rigging settlement as reported by The Telegraph of 18th January, 2018.

Garba Shehu

Senior Special Adviser to the President

(Media & Publicity)

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