President Buhari reacted angrily at HSBC bank

Nigerian Presidency has reacted furiously after British
multinational bank, HSBC, issued a confidential business
intelligence predicting reelecting President Muhammadu Buhari in
2019 could plunge Nigeria into deeper economic hardship.
In a July report recently cited by the Nigerian media, the bank had
said a second term for Mr Buhari would greatly stunt the economic
development of the country.
In a statement Saturday, the Presidency accused the bank of
thriving on “grand corruption” and helping past and present
Nigerian leaders launder billions of naira.
Read the full statement signed by presidential spokesperson Garba
The Presidency wishes to make clear to all Nigerians, and
particularly the global banking giant HSBC which said the second
term of President Muhammadu Buhari would stunt the economy,
that what killed Nigeria’s economy in the past was the unbridled
looting of state resources by leaders, the type which was actively
supported by HSBC.
A bank that soiled its hand 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 Senate
has no moral right whatsoever to project 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 constant refrain:
return our stolen assets, then see how well we will do.
From the facts available to our investigation agencies, 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.
They may also just be out to discredit the President out of the fear
of sanctions and fines following the national assets that are stolen.
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
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 return.
Our investigation agencies believe that HSBC had laundered more
than USD 100,000,000 for the late General Sani Abacha in Jersey,
Paris, London and Geneva.
Among these accounts on the records 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 bank is also suspected in the laundering of proceeds of
corruption involving more than 50 other Nigerians, including a
serving Senator as earlier indicated.
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
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, 2018.

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