HSBC, Corrupt Politicians Killed Nigeria’s Economy, Presidency Says

The Presidency has said that HSBC,  a banking and financial services company, had collaborated with corrupt politicians to kill Nigeria's economy.
Garba Shehu, Senior Special Assistant to President Muhammadu Buhari on Media and Publicity, said this in a tweet on Saturday.
The Presidency said HSBC had aided Sani Abacha,  a former Head of State, in laundering $100m in Jersey,  Paris,  Geneva and London.
Shehu’s statement was in response to reports by The Economist Intelligence Unit, the research unit of The Economist and HSBC.
The Economist had in the report by the EIU predicted that the Peoples Democratic Party would win the 2019 presidential election.
The prediction also stated that if Buhari wins second term, the development would stunt the economy of the country.
“The Presidency wishes to make clear to all Nigerians, and particularly the global banking giant HSBC which said the second term of President Muhammadu Buhari would stunt the economy, that what killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC.
“A bank that soiled its hand with ‘millions 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’.
“Rather, 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," the tweet read.

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