₦airaland Forum

Global banking giant HSBC and UBS, a Swiss private bank, have closed their representative offices in Nigeria.

The Central Bank of Nigeria (CBN) announced this in a report on Friday. The report did not state why the banks closed shop.

UBS opened its doors in Nigeria in mid-2014 to “connect prospective clients with its offshore centers in Switzerland, the UK, Dubai and Singapore, where dedicated client advisers offer personalised service and full access to the bank’s vast global resources”.

The apex bank revealed that foreign direct investment in Nigeria fell to N379.84 billion in the first six months of 2018, compared to N532.63 billion recorded in 2017.

In July, HSBC predicted that a victory for President Muhammadu Buhari in 2019 would have a negative effect on the economy.

In its response, the presidency asked the bank to return stolen assets allegedly hidden in its coffers.

However, in its projections for the second half of the year, higher oil prices and production would serve as gains but rising foreign debt and uncertainty surrounding the 2019 general election would be a drawback.

The CBN also said three lenders — which were not named — failed to meet their minimum liquidity ratio of 30 percent.

It added that non-performing loans dropped from 15 percent in 2017 to 12.4 percent as of June 2018, adding that this was still a long way above its five percent threshold.

When you see someone who is ready to work,you will know not the lifeless president who has destroyed the economy.If you are not atikulated wetin you gain?

Atiku quick to use the misfortune of life less buhari to campaign for himself.

But truth be told Mr president really failed woefully.


I hope atiku won't be another failure peradventure he wins .

There's one thing I like about Atiku' s campaign tweets. Whenever he makes a promise, he outlines about one or two realizable actions that will be undertaken to achieve it unlike that lifeless man that will make empty promise of stabilizing the price of oil in the international market, make one naira equal to a dollar but will dodge from every debate where he may be asked how he will achieve it

eyeview:
There's one thing I like about Atiku' s campaign tweets. Whenever he makes a promise, he outlines about one or two realizable actions that will be undertaken to achieve it unlike that lifeless man that will make empty promise of stabilizing the price of oil in the international market, make one naira equal to a dollar but will dodge from every debate where he may be asked how he will achieve it

Add also, when something happens, he is quick to address the matter/issue unlike our current president. Some times he never addresses any issue! When was the last time he granted interview or had a media chat? No one knows what himself or his government is doing. He is very irresponsive. Very. Imagine the dollar/naira issue back then. Never in our history did we experience such wide spread between official rate and the parrellel market. And as we write, the issue is still lingering though the spread isnt so much anymore!

jayinfo2:
Atiku quick to use the misfortune of life less buhari to campaign for himself.

But truth be told Mr president really failed woefully.


I hope atiku won't be another failure peradventure he wins .

from his statement,the man knows what to do.He tweeted like an economical minded person.

Bridget95:
from his statement,the man knows what to do.He tweeted like an economical minded person.

What Nigeria have always needed since time immemorial to stimulate growth and reach our potentials is job crcreation but unfortunately all our past and present leaders do not have any training on how to do that.They failed because you can't give what you don't have.Atiku have created thousands of jobs in his private businesses and he surely knows what to do when he becomes the president