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
Read outcome of Osun guber polls
The Independent National Electoral Commission (INEC) has declared the Osun State governorship election inconclusive. The reason for the cancellation, according...
Adeleke leads Oyetola, more results awaiting
The governorship candidate of the Peoples Democratic Party in Osun State, Senator Ademola Adeleke, is leading the candidate of the...
Tinubu refuses to endorse Ambode, insists on direct primaries
The national leader of All Progressives Congress (APC) Bola Ahmed Tinubu and members of the Lagos chapter of the Governor’s...
Buhari’s minister, Shittu says he couldn’t afford N22.5m for APC forms, speaks on NYSC
The Minister of Communications, Barrister Adebayo Shittu on Saturday declared that contrary to insinuation that he was rich as a...
2019: David Mark can unite Nigeria – Jonathan
Former president, Goodluck Jonathan has stated that only a man with the strength of character and clear conscience like Senator...
Bolaji Abdullahi grieves over Bamigboye’s death
The Peoples Democratic Party(PDP) Gubernatorial Aspirant Mallam Bolaji Abdullahi has described the death of the First Military Governor of Kwara...
Osun Decides: Why I will win in landslide – Ademola Adeleke
. The standard bearer of the Peoples Democratic Party in the ongoing Osun election, Senator Ademola Adeleke, has boasted that...
Boko Haram: Army reveals plan to end insurgency
The Theatre Commander, Operation Lafiya Dole, Major General Abba Dikko, has charged troops to redouble their efforts in the fight...
Osun election: What APC candidate Oyetola said after voting
Alhaji Gboyega Oyetola, the governorship candidate of the All Progressives Congress (APC) in Saturday’s governorship election in Osun State, has...
2019: Abubakar reveals his enemies, warns INEC, politicians
Former Head of State, Gen. Abdulsalami Abubakar, on Friday, said he will forever be an enemy of anyone that tried...