By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Return Our Stolen Assets – Presidency Slams HSBC Over 2019 Prediction of Buhari’s Defeat
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Return Our Stolen Assets – Presidency Slams HSBC Over 2019 Prediction of Buhari’s Defeat

Farouk Mohammed
By Farouk Mohammed
Published: September 15, 2018
Share
4 Min Read
SHARE

The Nigerian Presidency has slammed global banking giant, HSBC, which is says it has no moral justification whatsoever to project that a second term for President Muhammadu Buhari “raises the risk of limited economic progress and further fiscal deterioration.”

Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, stated this in a statement in Abuja on Saturday.

The presidential aide opined 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.

He said: “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.”

- Advertisement -

“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.’’

According to Shehu, 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.

- Advertisement -

He said that 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.

The presidential spokesman maintained that it was an open secret that HSBC had laundered more than 100 million dollars 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),’’ he further revealed.

He said the bank was also suspected in the laundering of proceeds of corruption involving more than 50 other Nigerians, including a serving Senator.

“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 dollars to settle charges of money laundering; fined 1.2 billion dollars in Hong Kong for “systemic deficiencies” in bond sales,’’ he said.

Shehu also revealed that the bank was made to pay 100 million dollars in currency rigging settlement as reported by The Telegraph of Jan. 18, 2018.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:buhariHSBCPresidency
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Youths Hold Rally to Support Saraki’s 2019 Presidential Ambition In Ilorin
Next Article Golden Eaglet of Nigeria Defeat Ghana to Qualify for 2019 U-17 AFCON

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Tinubu and Saint Lucia’s Prime Minister Agree to Establish Formal Diplomatic Relations
International
Ali Bukar Dalori
Ali Bukar Dalori Assumes Role as APC Acting National Chairman After Ganduje’s Resignation
Politics
MI Abaga
MI Abaga Expresses Regret Over Past Support for APC
Celebrities
Senator Natasha Akpoti-Uduaghan
JUST IN: Court Grants Senator Natasha Akpoti-Uduaghan Bail on Self-Recognition
News Top stories
Anambra State Orders Investigation After Viral Video Shows Possible Anti-Touting Squad Excesses
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Kano Governor, Emir Sanusi, and Jigawa Leaders Attend Alhaji Aminu Dantata’s Burial in Saudi Arabia

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
International

Two Firefighters Killed in Idaho Wildfire Ambush as Gunman Opens Fire

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
News

FG Rewards 18 Civil Servants with Cars, Laptops for Outstanding Service

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 30, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?