BlacSmit:
Op, I have a contrary opinion. HSBC and UBS are both into investment banking. Which means, they invest in emerging opportunities and reap off it when it is full fledged. Absence of emerging opportunities and a good performing local exchange (NSE) led to their premature exit.

The FG should have help keep them a little longer if it had initiated a reform in the market or at least, stabilized the political sphere of the country.

Leave them to be wallowing in their ignorance.
And some posters up there had already turned the post into an Igbo bashing thread.

Nigerians are the most stubborn set of ignorant human being on earth
People that have never heard of HSBC before in their life are also having opinion on what HSBC stands for


A simple google would have cured this very bad level of ignorance

BlacSmit:
Op, I have a contrary opinion. HSBC and UBS are both into investment banking. Which means, they invest in emerging opportunities and reap off it when it is full fledged. Absence of emerging opportunities and a good performing local exchange (NSE) led to their premature exit.

The FG should have help keep them a little longer if it had initiated a reform in the market or at least, stabilized the political sphere of the country.

Can i know the deals they have been involved in the last 10years.

What percentage of FDIs and FPIs into the country come in through both Banks? -- very negligible if not zero.

OLAJADON:

you don't attack person, you attack point. if you feel what he said doesn't make sense, give your reason don't just talk as if you don't have a brain just because u don't have a valid reason.

Why waste time on people that have decided to be ignorant for life

That article is too unintelligible to even discuss
Try Google HSBC and learn

SuperS1Panther:


Can i know the deals they have been involved in the last 10years.

What percentage of FDIs and FPIs into the country come in through both Banks? -- very negligible if not zero.

HSBC assets is 5 times more than the total GDP of Nigeria
They have more than 200k people on their payroll working in almost all countries of the world

BVN
TSA
That were brought about by Jonathan
Many daft people on here.

Banks in Nigeria are a multiplier of poverty. I have said this before. Those banks couldn’t survive because their business model cannot fit into the Nigerian system.

sekembaakesan:
I don't like Buhari's presidency but this is the spoken truth

People have been screaming about the exit of HSBC and UBS as sign of bad economics. That's a huge lie.

I will try to explain it in a very simple way.

HSBC and UBS were never set up for regular banking.

When I say regular banking I mean retail banking.

They never ran salary accounts; they were never set up to afford loans to customers etc.

Their sole purpose was to help customers who can afford their services an easy way to transfer funds overseas.

Many do not know that since the inception of BVN which has made it easier for financial regulatory bodies to monitor outflow & inflow on every account, HSBC has been plotting their exit.

If anyone can make their books public, you would find out they had more outflow than inflow.

BVN was created February 2014 and then enforced by this government as from 2015.

What did that do?

Every account owner was
forced to get a BVN code on their account (s).

So if law enforcement and financial regulatory bodies accuse you of fraud, with your BVN
they can tell.... which account(s) you have funds stashed.

Any account without a BVN can no longer be run.

Movement of (illegal) huge sums especially overseas became a massive problem.

So imagine a bank whose main source of revenue is moving funds overseas, suddenly can stay for months on end and the only customers you get are those who maybe want
pay school fees overseas or medicals, won't you close shop?

No more wires of $200,000 and above to Dubai to buy that exotic penthouse or carrying on with shopping sprees.

No more bank instruments to private jet companies... overseas.

The importation of big boy toys; yachts, helicopters have reduced drastically.

Now, once you try to initiate a huge wire transfer, CBN red flags that account and next thing you know compliance is calling the account officer to produce KYC.

Within minutes SFU is doing a background check, thunder fire you if you are a civil servant or close to government.

You would have to explain what the funds are for/how they were acquired and this drastically hit such banks like HSBC and UBS!

Banks like Stanbic IBTC are able to stay afloat because even though they use the same model as HSBC, they are also solid in retail banking.

Any bank that opens shop under this current government with the sole aim of moving funds overseas will surely fail!

Look closely at those who are leading groups against PMB they are private jet, helicopter, yacht, schooners owners.

Many own those beautiful houses we see in Dubai, Abu Dhabi, Oman, Muscat, Seychelles, London, USA.

Go to our airports especially Lagos and Abuja, all those beautiful girls who once used to sell Dubai real estate deals are out of jobs.

The few you see have stopped hounding travelers like before.

Once upon a time you would see them hanging around airports and 5 star hotels, it made me wonder why Nigerians were seriously marketing UAE real state.

How do you think the transactions were being made? Through banks like HSBC and UBS (many of our local banks also were complicit)!
Now every dollar that passes through CBN to a foreign bank must have complete paperwork! Bankers are now very careful, no one wants to be invited by SFU (special fraud
unit) or EFCC to produce a customer.

Who are those crying about their exit?

The Fayoses, Atikus, Ben Bruces and their minions etc.

Look at the youth coming online to defend them; many were being flown by helicopter to private resorts all over the country.

That tap has dried up and that’s the reason you see many of them online pouring vituperation on PMB.

About 4 years ago, I told a friend that if PMB wins election few banks would be in trouble, Buhari won and it didn't take long it started
happening.

Many of the bank heads used depositors monies to sponsor politicians/campaigns, when investigations started many tried to not only hide their shady deals but shield customers under investigation.

Why won't these people hate PMB?

Why won't they blame their woes on PMB?

When I say many of these banks aren't setup for the common man, people wonder at what I mean.

A very good example; write a lovely proposal for a good business deal and take to the banks and 90% of the time you wont get funding but let APC and PDP finish primaries and produce governorship candidates.

Both candidates can work into same bank and get as much as N500m each for campaigns. Banks didn't care then.

What's the worst that could happen? Worst case scenario, one candidate would lose. Whoever wins would bring enough investments that would cover the N1bn both took, that was conventional banking until PMB came onboard.

If say odudu bank sponsors Rochas and he wins he would make sure almost all state accounts go to odudu bank.

Some governors went as far as making their account officers commissioners as compensation (I don’t want to call names).

Some bank relationship managers would go on leave close to election period to join the clients on the campaign trail, once the client wins they resign their appointments with the bank and become political appointees.

Why would a bank worker do that if the bank hasn't invested heavily on that politician?

Suddenly PMB appears with this yeye BVN, TSA! Banks now see SFU officers like regular staff as they are monitoring everything. @officialEFCC under magu has become a pain in the ass because money can't just disappear.

Who do they blame? PMB!

The instant BVN came into effect; do you know how many accounts were lying dormant because of BVN? With huge sums in them! Many folks especially people being investigated wouldn't want to come forward to claim them; oga Magu and gang were waiting.

When many of these politicians or billionaires tell you the economy isn't doing so well, look closely at the person because many of them
own some of these 5 star hotels.

Some rooms go as much N300, 000 à night.
Once upon time some folks would pay for as much as one year for a room/suite upfront.

Many of those militants/ folks involved in oil
bunkering operate this way.

Mondays through Fridays they are in the creeks sabotaging oil installations, Friday they get into their convoys to PHC and then jet off to Abuja and Lagos where they eventually check into these hotels.

You enter a place like Transcorp weekends you see them at the lobby, poolside and by Monday morning, banks are wiring funds to these hotels to cover expenses.

Today, the oil bunkering isn’t as lucrative as it once was.

First price of crude has dropped so selling bunkered oil isn't really worth it as it used
to be.

Secondly many countries are cutting down on the purchase of crude and third our military is hitting them harder than before so who is to blame?

They tell you banks are falling because of PMB; lie! Banks are falling because banks were never made for the common man.

I mean naija banks! TSA has collapsed most government accounts into central accounts.

So we no longer have many government accounts littered all over our banks, many of such accounts were set up just to steal and launder government monies.

Are these tweets saying Nigeria has suddenly become fine for the common man? HELL NO!

Nigeria for some years now has never favored us the ordinary folks but this is the first time we are seeing the crooked elite joining us to complain!

The fact they are complaining means something is being done to halt their crooked ways. Whatever it is, BABA PLEASE Continue!

And as for the common man, we didn’t get here in four years! It took years of plundering, bad/no planning to get here. It will take a while to get us out.

Signed
Concerned citizen who wouldn’t want to get fired by Monday morning for
saying what needs to be said.

THE END



As seen on a Facebook page

So with all this elementary thesis you pasted here, what's its connection with the price of daily-use items moving higher above the reach of the ordinary Nigerian? Who doesn't know that the job of HSBC is to help customers transfer genuine funds? Buhari (I mean JUBRIN) cannot grow Nigeria's economy, take it or leave it. You can't give what you haven't learned. Your hatred for non-Yorubas is pushing you towards accepting what you should reject if your eyes are clear. Your parochial thoughts that Bola Tinubu will take over from JUBRIN is most infantile, and I pity your mental retardation despite the bastardized free education awolowo gave you. Sorry! Aside PDP or APC, there are other political parties with egg heads as candidates. Stop copying and pasting rubbish to convince those with low education as you.

jnrremedy:

HSBC assets is 5 times more than the total GDP of Nigeria
They have more than 200k people on their payroll working in almost all countries of the world

Save your breath
Nairaland is a junkyard
The discussion has turned to tribalisic vitriol..
LoOK at the first couple of comments.

majekdom2:
Banks in Nigeria are a multiplier of poverty. I have said this before. Those banks couldn’t survive because their business model cannot fit into the Nigerian system.

They survive mostly on bank charges and treasury bills and money laundering
Nothing else

JUST KEEP THIS TO YOURSELF,POLITICIANS HAVE SO MANY WAYS OUT OF THIS COUNTRY WITH YOUR POROUS BORDERS IN THE NORTH EAST AND NORTH WEST.
IF YOU READ MORE OF MONEY LAUNDRY.YOU WILL UNDERSTAND MY POINTS.

iammo:
Best post I have read in a long while on nairaland,

thank you OP.

All political party should institutionalize witch hunting/anti corruption drive, let another party/president also get there and probe previous goverments also or block loopholes, this their fight would further expose them and favor the masses.

Dankwanbo/ Okonjo /Sanusi and their like minds introduced TSA/BVN/and the fraud proof IPPS payroll systems only for Obj and JEG not to fully implement it just for fraudulent reasons like paying private staffs of their company through government ghost workers, keeping many government accounts to confuse the masses and steal funds after, or purposely excluding microfinance banks from bvn so as to have monopoly to fraud.

The tightly enforcement of financial laws sharply exposed Gov Yari when he tried diverting the first Paris club refund to buy properties in lekki Lagos , taking a cue from this, Gov Gandollar tried collecting his own loot from inflated contract through dollar stacks which led to his Exposure (something he would have collected it via proxy account if it was before)

Look at this nonsense

Buffalowings3:


Look at this nonsense

Oga if you have a meaningful counter arguments let me know, please stop mentioning or quoting me with stupid smiley face... Taink you!!!

bantudra:
its shameful that fee dee fee is using that as politics....

na jonathan even brought up the idea of bvn sef,according to south easterners....if its realy true,i dont know....i got interested in nigerian politics very lately....

but it baffles me that they are complaining when bvn is workin....

you don start again this morning dey call out south easterners and igbos abi?

sekembaakesan:
I don't like Buhari's presidency but this is the spoken truth

People have been screaming about the exit of HSBC and UBS as sign of bad economics. That's a huge lie.

I will try to explain it in a very simple way.

HSBC and UBS were never set up for regular banking.

When I say regular banking I mean retail banking.

They never ran salary accounts; they were never set up to afford loans to customers etc.

Their sole purpose was to help customers who can afford their services an easy way to transfer funds overseas.

Many do not know that since the inception of BVN which has made it easier for financial regulatory bodies to monitor outflow & inflow on every account, HSBC has been plotting their exit.

If anyone can make their books public, you would find out they had more outflow than inflow.

BVN was created February 2014 and then enforced by this government as from 2015.

What did that do?

Every account owner was
forced to get a BVN code on their account (s).

So if law enforcement and financial regulatory bodies accuse you of fraud, with your BVN
they can tell.... which account(s) you have funds stashed.

Any account without a BVN can no longer be run.

Movement of (illegal) huge sums especially overseas became a massive problem.

So imagine a bank whose main source of revenue is moving funds overseas, suddenly can stay for months on end and the only customers you get are those who maybe want
pay school fees overseas or medicals, won't you close shop?

No more wires of $200,000 and above to Dubai to buy that exotic penthouse or carrying on with shopping sprees.

No more bank instruments to private jet companies... overseas.

The importation of big boy toys; yachts, helicopters have reduced drastically.

Now, once you try to initiate a huge wire transfer, CBN red flags that account and next thing you know compliance is calling the account officer to produce KYC.

Within minutes SFU is doing a background check, thunder fire you if you are a civil servant or close to government.

You would have to explain what the funds are for/how they were acquired and this drastically hit such banks like HSBC and UBS!

Banks like Stanbic IBTC are able to stay afloat because even though they use the same model as HSBC, they are also solid in retail banking.

Any bank that opens shop under this current government with the sole aim of moving funds overseas will surely fail!

Look closely at those who are leading groups against PMB they are private jet, helicopter, yacht, schooners owners.

Many own those beautiful houses we see in Dubai, Abu Dhabi, Oman, Muscat, Seychelles, London, USA.

Go to our airports especially Lagos and Abuja, all those beautiful girls who once used to sell Dubai real estate deals are out of jobs.

The few you see have stopped hounding travelers like before.

Once upon a time you would see them hanging around airports and 5 star hotels, it made me wonder why Nigerians were seriously marketing UAE real state.

How do you think the transactions were being made? Through banks like HSBC and UBS (many of our local banks also were complicit)!
Now every dollar that passes through CBN to a foreign bank must have complete paperwork! Bankers are now very careful, no one wants to be invited by SFU (special fraud
unit) or EFCC to produce a customer.

Who are those crying about their exit?

The Fayoses, Atikus, Ben Bruces and their minions etc.

Look at the youth coming online to defend them; many were being flown by helicopter to private resorts all over the country.

That tap has dried up and that’s the reason you see many of them online pouring vituperation on PMB.

About 4 years ago, I told a friend that if PMB wins election few banks would be in trouble, Buhari won and it didn't take long it started
happening.

Many of the bank heads used depositors monies to sponsor politicians/campaigns, when investigations started many tried to not only hide their shady deals but shield customers under investigation.

Why won't these people hate PMB?

Why won't they blame their woes on PMB?

When I say many of these banks aren't setup for the common man, people wonder at what I mean.

A very good example; write a lovely proposal for a good business deal and take to the banks and 90% of the time you wont get funding but let APC and PDP finish primaries and produce governorship candidates.

Both candidates can work into same bank and get as much as N500m each for campaigns. Banks didn't care then.

What's the worst that could happen? Worst case scenario, one candidate would lose. Whoever wins would bring enough investments that would cover the N1bn both took, that was conventional banking until PMB came onboard.

If say odudu bank sponsors Rochas and he wins he would make sure almost all state accounts go to odudu bank.

Some governors went as far as making their account officers commissioners as compensation (I don’t want to call names).

Some bank relationship managers would go on leave close to election period to join the clients on the campaign trail, once the client wins they resign their appointments with the bank and become political appointees.

Why would a bank worker do that if the bank hasn't invested heavily on that politician?

Suddenly PMB appears with this yeye BVN, TSA! Banks now see SFU officers like regular staff as they are monitoring everything. @officialEFCC under magu has become a pain in the ass because money can't just disappear.

Who do they blame? PMB!

The instant BVN came into effect; do you know how many accounts were lying dormant because of BVN? With huge sums in them! Many folks especially people being investigated wouldn't want to come forward to claim them; oga Magu and gang were waiting.

When many of these politicians or billionaires tell you the economy isn't doing so well, look closely at the person because many of them
own some of these 5 star hotels.

Some rooms go as much N300, 000 à night.
Once upon time some folks would pay for as much as one year for a room/suite upfront.

Many of those militants/ folks involved in oil
bunkering operate this way.

Mondays through Fridays they are in the creeks sabotaging oil installations, Friday they get into their convoys to PHC and then jet off to Abuja and Lagos where they eventually check into these hotels.

You enter a place like Transcorp weekends you see them at the lobby, poolside and by Monday morning, banks are wiring funds to these hotels to cover expenses.

Today, the oil bunkering isn’t as lucrative as it once was.

First price of crude has dropped so selling bunkered oil isn't really worth it as it used
to be.

Secondly many countries are cutting down on the purchase of crude and third our military is hitting them harder than before so who is to blame?

They tell you banks are falling because of PMB; lie! Banks are falling because banks were never made for the common man.

I mean naija banks! TSA has collapsed most government accounts into central accounts.

So we no longer have many government accounts littered all over our banks, many of such accounts were set up just to steal and launder government monies.

Are these tweets saying Nigeria has suddenly become fine for the common man? HELL NO!

Nigeria for some years now has never favored us the ordinary folks but this is the first time we are seeing the crooked elite joining us to complain!

The fact they are complaining means something is being done to halt their crooked ways. Whatever it is, BABA PLEASE Continue!

And as for the common man, we didn’t get here in four years! It took years of plundering, bad/no planning to get here. It will take a while to get us out.

Signed
Concerned citizen who wouldn’t want to get fired by Monday morning for
saying what needs to be said.

THE END



As seen on a Facebook page

I can readily roll with this... so factual, no fluff, and darn reference worthy. Kudos to you, whoever.

........
P34c3
.....
...

The person that wrote the main post is totally ignorant of the reasons why those bank left ,Nigeria economy is heading to a brick wall if urgent measures are not taking to salvage it ,this administration used their illitrate and draconic policies to ruin the economy in their first year.
One of it is the devaluation of naira , president was advice to devalue to N 250 from Now 190 but he thought some people wanted to benefited from that but what is the exchange rate today, election is coming fund will be used ,budget are not been implemented fully but some idiots will no see all these

Bragalane:
Crooked Igbos n Igbos will have your head n that of the FB writer for this truth. Their entire life existence hates truth just like their life is predicated on hate n hating anything Nigeria / any position an Igbo is not heading.

I am sure you can't post this with your real identify

Spineless coward!

jconsulting:
The person that wrote the main post is totally ignorant of the reasons why those bank left ,Nigeria economy is heading to a brick wall if urgent measures are not taking to salvage it ,this administration used their illitrate and draconic policies to ruin the economy in their first year.
One of it is the devaluation of naira , president was advice to devalue to N 250 from Now 190 but he thought some people wanted to benefited from that but what is the exchange rate today, election is coming fund will be used ,budget are not been implemented fully but some idiots will no see all these

One fish brain calling some people idiots? Lol.

........
P34c3
.....
...

post=72839741:
See this one leaving the deep message and attacking the messenger.
We pity your future and that of your unborn kids.
Pathetic soul!
Supporter of criminals.

............. ................ .................. ...............
Hmmmmm, where can we start from!
What we wrote about in the not so long past is coming up again.
We have written times without. I'm here that it is only thieves that don't want our darling PRESIDENT.
Let's not talk too much jor!

lol... Pigs will always be pigs

doctokwus:
The Facebook poster is an illiterate and d post fit only for d trashbin it belongs.
So HSBC is only set up to launder money?
If I see this kind of post on fb,its just to permanently block such individual before the person corrupts me with his st upidity.

I don't even bother commenting too much anymore.

Everybody will suffer the effects of buhari stupidity one way or the other.

HSBC that functions in every major economy, is who buhari and his fanatics are terming the enemy of state.

Pregnancy cannot be hidden. We will see the effects soon.

It's seems the ops want to assume the post of past African fighters - I mean those leaders Who used their life time fighting for the EMANCIPATION of African Nations from the WEST.

WEST Won't like this /our bigwig politicians /PDP down to the ipop because you indeed reel out the truth.

Let me save it as well. This is a big weapon

Thank you for this article. We need to forget about our sentiments and think of what is good for this country. I know some people who are extremely rich with Private Jets, while not implementing Multi-billion contracts over the past couple of years. They donate recklessly to political parties to seek patronage for more contracts .

I have noticed that they are funding the opposition and one of the major critics of the present administration because they have been asked to do the right thing and account for the billions of contracts not executed.

While I am not in favour of most of the activities of the present administration but going back to the major opposition is I think suicidal. We are all suffering in the present situation but please we can not go back to the times of old, as shown in some of the posts by some of our youths.

Please Let us be sincere with ourselves. Life is tough, business is slow but at least, reckless looting has been curtailed.
Nigeria is still lacking far behind in terms of most basic amenities but at least, the little funds coming in for Nigeria, are not stolen blindly.
Nigeria shall be great again for everyone no matter the part of the Country you come from. We are all brothers and we are all in this together.

Didi2d:
Buhari's government is bad, but he's still the favorite amongst the present politician

Source?

AZeD1:
So much trash in one post.

It’s only for the wise and intelligent

It's a beautifully written factless write up. I am an international business who travel to other countries for business. Next time you want to write on this get all the facts. Is it only this two banks that have closed?
Please, get the facts on how many international companies have left Nigeria because of this government dracolian financial policies? Did it occur to you how many Nigerians were rendered jobless, did you check how it equally affected the economy? If our economy is better off under PMB please say it and get the mockery of your life.
He doesn't have to cripple the economy because he's fighting corruption. Corruption is not the only problem we gave as a nation.

Positivepoint:



A constructive argument could be benefit us all. Remember it's his opinion u can as well share URS. It's a free world

he has nothing to offer.. They are blind haters, they reason in one direction with no second thought.

... and what is it about investment banking you wont help him with?

He just told you those banks operates for the elites to the detriment of the nation and you are there rubbishing his write up.

You need to respect his opinion regardless of communication skills. The message was well received!

My opinion, since naija changed from universal banking to pure commercial banking (DMB), banking revenue has declined. Also, since the introduction of those 3 letters policies (TSA, BVN), banking activities especially frauds and illegal money transfer has been reduced. Hence, the adverse effect on some banks especially those that rely mostly on foreign transactions.


... If u complain about my English, na u sabi.

Isaacpyo04:
To start with, you aren't even a good writer.
The whole epistle is rubbish littered with misinformation, sentiments and hearsay. You have done little or no research.

If you don't know what investment banking is all about, then we can't help you.

Buhari puppet!

I888:



shut up. you registered not long ago and posted this?

i knew there was something fishy about this baba. Kwantinew

This sounds very believable. Since I see no contrary more plausible opinion to sway my belief I will stick with it.

jnrremedy:

Do yourself a favour by typing HSBC into google
HSBC assets is more than 5 times Nigeria GDP

they might have more than 5 times that's not the bone of contention. The issue is they aid looters to wire their loots to the foreign countries.

AZeD1:
So much trash in one post.

Can you people be reasonable for once, and understand that the so call elites has done more harm than good in time past. If you are one of those that believe from inception this present government will do miracle in four years, then you have another thing coming. In as much as i don't agree fully with the economic policies and direction of PMB, he has fought corruption frontally and this is always the bedrock for any thriving economy. The late Taye solarin once said may your path be rough, and so this also applies to this country now, so as to be in the first 20 economy by 2025 at least. We need constitutional reform,citizens enlightenment, prosecution of looters(past and present), total restructuring, round peg in a round hole, among others to stir this country into a path of economic recovery, and sustainable development. Yes, the present administration can do more on security, economy, fight against corruption, infrastructures and the likes, but at least they made some effort, unlike the opposition who has always been about padi padi arrangement.

Horus:



Everyone will benefit if the government fight against corruption.
If we join hands in fighting corruption in Nigeria, we will definitely reap the following:

Sustained prosperity and economic growth in Nigeria

Increase in public revenue

Job creation

Enough Funds for our social services

Improved infrastructure

Provide better education and health care

Alleviate poverty

Improve living standards

Stand proud among nations

Resources will be used to develop Nigeria

Reduction of crime rate and improved security in Nigeria

Production of quality products at affordable prices

Increased investor confidence in Nigeria

Peace and stability in Nigeria

Enhanced reputation of organizations and its people

Achieving organisational goals and objectives

Improved accountability and transparency

Improved systems, processes and procedures

Achieve good governance at organizational level and uphold trust and confidence in the systems

Improved service delivery

Improved cost of production

You are still saying 'WILL BENEFIT' at the end of a 4 years political tenure. Show me how the common man has benefited from the lopsided fight against corruption. What can be done in the next 4 years that wouldn't have been done since 2015 if the president was serious about fighting corruption?

And don't tell me it's the people that will fight corruption. A government was elected to do that in 2015. If the government suddenly becomes confused then it should swerve so we can try another political party.