Presidency debunks HSBC’s claim about Nigeria

The Presidency has debunked the claim by a global banking giant, HSBC, that Nigeria’s economy will crash if President MuhammaduBuhari wins a second term of office.

Senior Special Assistant to the President on Media and Publicity, GarbaShehu debunked the claim in a statement he issued on Saturday.

The Presidency wishes to make it clear to all Nigerians, and particularly the global banking giant HSBC which said the second term of President MuhammaduBuhari 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, and then see how well we will do,Mr Shehu said.


The Presidential Spokesman said HSBC made its claim out of the frustration its suffering from the anti corruption war of President Buhari’s administration, which he said would not stop.

From the facts made available to our investigation agencies, HSBC’s claim is just an expression of frustration over President Buhari’s administration measures which have 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 offenses..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 SaniAbacha 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), he said.

Laundering of funds

According to him, the bank is allegedly involved in the laundering of funds for some citizens of the country.

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 HSBC.

This is a bank that states and federal authorities in the US 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, Shehu added.

Source: Voice of Nigeria