EFCC Blasts UK Bank HSBC For Predicting Buhari’s Failure

EFCC Blasts UK Bank HSBC For Predicting Buhari’s Failure
The Economic and Financial Crimes Commission (EFCC) has slammed HSBC, a prominent bank in the UK, days after it predicted that Nigeria’s current economic struggles look set to continue if President Muhammadu Buhari wins a second term in office.
According to a recent report, the bank predicted that if the President wins his second term bid, it would “stunt the economy”.
The bank had said a second term for Mr Buhari “raises the risk of limited economic progress and further fiscal deterioration, prolonging the stagnation of his first term, particularly if there is no move towards completing reform of the exchange rate system or fiscal adjustments that diversify government revenues away from oil.”
However, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, on Saturday criticised the HSBC report, as he also accused the bank of money laundering, with emphasis on $100 million Abacha Loot.
Also, in a post titled ‘The Story of HSBC’, the anti-graft agency listed similar allegations made by Shehu.

The anti-graft agency took to its social media accounts to say that the multinational banking group, which is Europe’s largest by total asset, was synonymous with money laundering.
The EFCC said it will not “rest on its oars” till all the funds allegedly in possession of the bank are repatriated back to Nigeria.

“HSBC Bank plc is one of the largest banking and financial services organisations in the world. HSBC’s international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa,” the post read.
“Since inception, HSBC is synonymous with money laundering and has paid billions of US Dollars in fines across the world.
“In Nigeria, the bank laundered more than $100 million for the late dictator, late Gen Sani Abacha in Jersey, Paris, London, Switzerland and Geneva. The Bank is also involved with laundering proceeds of corruption for over 50 Nigerians including a Nigerian serving Senator.
“Part of Abacha Assets yet to be recovered are: $12 million in HSBC Fund Admin Ltd with account number S-104460 in Jersey; $20 million in HSBC Life (Europe) with account number 37060762 in U.K and $1. 6 million in HSBC Bank plc with account number 38175076 in U. K.
“We shall not rest on our oars until every penny belonging to the FRN is repatriated to Nigeria as to improve the lives of the people.”