Nigeria blasts HSBC over bleak Buhari prophecy
News & Trends •
with the coming of president buhari it is not a secret that corruption corrupt individuals banks and other corporate entities that aided corrupt practices are under investigation for various offenses1 the nigerian government has slammed a caveat on the prophecy by the global banking giant hsbc which predicted that the second term of president muhammadu buhari would stunt the economy1 government recalled how the bank soiled its hands with millions of us dollars yet-to-be-recovered abacha loot and continued until a few months ago to shield the stolen funds of one of the leaders of the nigerian senate1 it wondered how a bank with such a reputation could wield the moral right whatsoever to project that a second term for mr. buhari raises the risk of limited economic progress and further fiscal deterioration1 rather we ask them to heed president buharis constant refrain return our stolen assets then see how well we will do said malam garba shehu senior special assistant on the media who issued a statement on behalf of the presidential villa1 from the facts available to our investigation agencies hsbcs put down on president buhari is no more than an expression of frustration over the administrations measures put in place which has abolished grand corruption the type which this bank thrives on in many countries1 they may also just be out to discredit the president out of the fear of sanctions and fines following the national assets that are stolen1 dismissing the banks bleak scenario for nigeria post 2019 government said on the contrary what killed nigerias economy in the past was the unbridled looting of state resources by leaders actively supported by hsbc1 for many of them including their friends in the media they would rather have president buhari out of their way for business as usual to return1 our investigation agencies believe that hsbc had laundered more than usd 100000000 for the late general sani abacha in jersey paris london and geneva1 among these accounts on the records are ac s-104460 hsbc fund admin ltd. jersey 12000000 ac 37060762 hsbc life europe u.k 20000000 and ac 38175076 hsbc bank plc. u.k 16000001 the bank is also suspected in the laundering of proceeds of corruption involving more than 50 other nigerians including a serving senator as earlier indicated1 in a book secrecy world inside the panama papers investigation published in 2017 jack bernstein told the story of global money laundering highlighting the unenviable place of the hsbc1 this is a bank that states and federal authorities in the u.s. forced to pay 1.92 billion to settle charges of money laundering fined 1.2 billion in hong kong for systemic deficiencies in bond sales and was made to pay 100 million in currency rigging settlement as reported by the telegraph of 18th january 20181