President Muhammadu Buhari has lambasted HSBC for saying his second term would stunt the economy.

HSBC Bank Plc is one of the largest banking and financial services organisations in the world.

The financial institution had in a recent report predicted that President Buhari will lose the 2019 presidential election.



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Stop predicting my defeat, return Abacha loot – Buhari blasts HSBC



Published

 

on

 September 15, 2018

By

 Wale Odunsi 



President Muhammadu Buhari has lambasted HSBC for saying his second term would stunt the economy.

HSBC Bank Plc is one of the largest banking and financial services organisations in the world.

The financial institution had in a recent report predicted that President Buhari will lose the 2019 presidential election.

A statement on Saturday by his spokesman, Garba Shehu, said “a bank that soiled its hand with ‘‘milions 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.”

He stated: “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 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 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 HSBC.

“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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Lol the dullard is blasting

Lalasticlala come and see something

Return Abacha loot so that u will use it to campaign and buy votes

God will surely punish u and all your supporters worldwide... including your BMC zombies on nairaland

I blame yoloba muslems for this mess we are in

I don't believe it... so what exactly will you use the money for? The once you have received how far?

E no go better for Buhari

B

Nothing person no go see in the hand of this lifeless president

An Abacha that Buhari gleefully told the whole world he never stole a dime? Abi nah another Abacha Shameless & lifeless president.

bt u said he stole nothin. dis govt is truly a makeshit govt. dey dont have a permanent view on any issue. bunch of...

Abacha never stole

This man called buhari sef, is he really okay, or is he on any cetercylineoxiromonron drugs?

Sorry for Nigerian youth.
Sentiments aside, Buhari is right for demanding for our money but I can see most comment, castigating Mr president for demanding for what actually belong to us.