President Muhammadu Buhari has lambasted HSBC for announcing his 2nd term would stunt the economic system.
HSBC Bank Plc is one of the largest banking and economic services companies within the international.
The financial group had in a latest file predicted that President Buhari will lose the 2019 presidential election.
A statement on Saturday by means of his spokesman, Garba Shehu, said “a bank that dirty its hand with ‘‘milions of US bucks but-to-be-recovered Abacha loot and continued until some months in the past to guard the stolen funds of one of the leaders of the Nigerian Senate has no ethical right by any means to project that a “2nd term for Mr. Buhari increases the hazard of restricted monetary development and similarly financial 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″